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The Hubert Corporation uses a periodic inventory system. The company's partial trial balance as at December 31,202 is as follows: At year-end, the inventory balance

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The Hubert Corporation uses a periodic inventory system. The company's partial trial balance as at December 31,202 is as follows: At year-end, the inventory balance is $145,000. Required - Write the journal entry to close out the purchases account and adjust the inventory account

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