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please explain how both are C with details and work 2a.Dooling Corporation purchases all inventory on account. At the end of the current year. Dooling
please explain how both are C with details and work
2a.Dooling Corporation purchases all inventory on account. At the end of the current year. Dooling reported the following account balances: Cost of goods sold was $7,500. What was the amount of cash paid for purchases of inventory? A. $7,000 B. $7,800 C. $7,600 D. $7,500 E. NOTA Hint: conkider the iournal entries and orepare T accounts! Accounts Payable XX Cash (cash paid for purchases of inventory) Pro Tip: would it change how you approached Dooling (from 2 a above) if instead the company purchased connties on accoant? 2b. Dooling Corporation purchases all supplies on account. At the end of the curreat year. Dooling reported the following account balances: Supplies Expense was $7,500. What was the amount of cash paid for purchases of supplies? A. $7,000 B. $7,800 C. $7,600 D. $7,500 E, NOTA Hint: consider the journal entries and prepare T accounts Step by Step Solution
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