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Justin Swords started a small merchandising business in 2014. The business experienced the following events during its first year of operation. Assume that Swords uses
Justin Swords started a small merchandising business in 2014. The business experienced the following events during its first year of operation. Assume that Swords uses the perpetual inventory system. 1. Acquired $70,000 cash from the issue of common stock. 2. Purchased inventory for $60,000 cash. 3. Sold inventory costing $48,000 for $82,000 cash.
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