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Instructions a. Prepare an income statement and a retained earnings statement for the year. b. Prepare a classified balance sheet at July 31 . Under

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Instructions a. Prepare an income statement and a retained earnings statement for the year. b. Prepare a classified balance sheet at July 31 . Under a perpetual inventory system, purchase returns are debited to Purchase Returns and Allowances. freight costs are debited to Freight-Out. purchases on account are debited to Purchases. purchases on account are debited to Inventory

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