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Use the following ledger accounts for DEF Corporation to answer the questions below: Ledger Accounts: Cash Account: Beginning Balance: $50,000 Cash Sales: $120,000 Cash Purchases:
Use the following ledger accounts for DEF Corporation to answer the questions below:
Ledger Accounts:
Cash Account:
- Beginning Balance: $50,000
- Cash Sales: $120,000
- Cash Purchases: $80,000
- Bank Deposit: $60,000
- Ending Balance: ?
Accounts Receivable Account:
- Beginning Balance: $30,000
- Credit Sales: $150,000
- Collections: $120,000
- Bad Debt Write-offs: $5,000
- Ending Balance: ?
Inventory Account:
- Beginning Balance: $100,000
- Purchases: $200,000
- Cost of Goods Sold: $180,000
- Ending Balance: ?
Prepare the ledger accounts with the given information and determine the ending balances for each account.
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