Essay
The following transactions occurred for Melissa's Fine Jewelry Store during the year:
a. Purchased 10 exquisite necklaces on account at $5,000 apiece
b. Sold three of the necklaces on account at $8,000 each
c. Melissa paid off the accounts payable
d. Melissa collected all of the accounts receivable
Required:
1. Journalize these transactions for Melissa's Fine Jewelry Store, which uses the perpetual inventory system.
2. What will Melissa's Fine Jewelry Store report for inventory at the end of the year?
3. Compute the gross profit for Melissa's Fine Jewelry Store.
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2. purchased 10...View Answer
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Correct Answer:
Verified
2. purchased 10...View Answer
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