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Need journal entries A,B ,C Brief Exercise 8-2 (Algo) Perpetual system; journal entries [LO8-1] A company uses a perpetual inventory system. The company began its
Need journal entries A,B ,C
Brief Exercise 8-2 (Algo) Perpetual system; journal entries [LO8-1] A company uses a perpetual inventory system. The company began its fiscal year with inventory of $271,000. Purchases of inventory on account during the year totaled $865,000. Inventory costing $906,000 was sold on account for $1,460,000. Prepare the journal entries to record these transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the inventory purchased on account for $865,000. Note: Enter debits before credits. Journal entry worksheet Inventory costing $906,000 was sold on account for $1,460,000. Record the sale. Note: Enter debits before credits: Journal entry worksheet Inventory costing $906,000 was sold on account for $1,460,000. Record the cost of goods sold. Note: Enter debits before credits Step by Step Solution
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