Essay
Give the journal entries for the transactions listed below under each of the two inventory systems.A.Purchase merchandise for cash,$1,000 B.Sold merchandise for $600 cash that had a cost of $480 (cost is 80% of the sales price)C.Accepted a sales return from a customer: Sales price $30.A cash refund was given to the customer.The goods were returned to regular inventory
Correct Answer:
Verified
Correct Answer:
Verified
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