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Litton Industries uses a perpetual inventory system. The company began its fiscal year with inventory of $284,000. Purchases of merchandise on account during the year
Litton Industries uses a perpetual inventory system. The company began its fiscal year with inventory of $284,000. Purchases of merchandise on account during the year totaled $930,000. Merchandise costing $919,000 was sold on account for $1,590,000. Prepare the journal entries to record these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
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