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COVID Company purchased $420,000 in merchandise, paid 30% in cash and remaining on account, during the month of April, and merchandise costing $350,000 .was sold on account for $425,000 :Required Prepare journal entries to record the (A) .1 purchases and (B) sales assuming COVID .uses a perpetual inventory system Prepare journal entries to record the (A) .2 purchases and (B) sales assuming COVID .uses a periodic inventory system

COVID Company purchased $420,000 in merchandise, paid 30% in cash and remaining on account, during the month of April, and merchandise costing $350,000 .was sold on account for $425,000 :Required Prepare journal entries to record the (A) .1 purchases and (B) sales assuming COVID .uses a perpetual inventory system Prepare journal entries to record the (A) .2 purchases and (B) sales assuming COVID .uses a periodic inventory system

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter9: Current Liabilities And Contingent Obligations
Section: Chapter Questions
Problem 1RE: Rescue Sequences LLC purchased inventory by issuing a 30,000, 10%, 60-day note on October 1. Prepare...
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COVID Company purchased $420,000 in merchandise, paid 30% in cash and remaining on account, during the month of April, and merchandise costing $350,000 .was sold on account for $425,000 :Required Prepare journal entries to record the (A) .1 purchases and (B) sales assuming COVID .uses a perpetual inventory system Prepare journal entries to record the (A) .2 purchases and (B) sales assuming COVID .uses a periodic inventory system Answer format: Dr Account XXXXXX Cr Account XXXXXX
Transcribed Image Text:COVID Company purchased $420,000 in merchandise, paid 30% in cash and remaining on account, during the month of April, and merchandise costing $350,000 .was sold on account for $425,000 :Required Prepare journal entries to record the (A) .1 purchases and (B) sales assuming COVID .uses a perpetual inventory system Prepare journal entries to record the (A) .2 purchases and (B) sales assuming COVID .uses a periodic inventory system Answer format: Dr Account XXXXXX Cr Account XXXXXX
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