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Pass Journal Entries: Recording Cost of Goods Sold in a Perpetual System: Daisys sells a pair of running shoes that costs the company $70 Recording

Pass Journal Entries:

Recording Cost of Goods Sold in a Perpetual System:

Daisys sells a pair of running shoes that costs the company $70

Recording Purchase in a Periodic System:

Assume that Daisys buys shoes on account from Nike at a cost of $4,000

Daisys returns $850 of merchandise to Nike for credit on Daisys accoun

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