Question
Asked Jan 17, 2020
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Litton Industries uses a perpetual inventory system. The company began its fiscal year with inventory of $267,000. Purchases of merchandise on account during the year totaled $845,000. Merchandise costing $902,000 was sold on account for $1,420,000. Prepare the journal entries to record these transactions.

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Expert Answer

Step 1

Record jouranl entry for purchase of inventory on account.

Accounting homework question answer, step 1, image 1
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Step 2

Record journal entry for sale o...

Accounting homework question answer, step 2, image 1
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