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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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Section
BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

Information relating to inventory for Janie Par Gifts is provided below.

Beginning merchandise inventory $ 120,000
Ending merchandise inventory 90,000
Purchases 250,000
  1. 1. Set up a spreadsheet similar to the one provided below.
  2. 2. Enter the appropriate information from above into the Trial Balance columns.
  3. 3. Prepare appropriate adjustments and extensions to the Adjusted Trial Balance columns.

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To determine

Set up a spreadsheet, enter the appropriate information, prepare appropriate adjustments and extensions to the adjusted trial balance columns.

Explanation

Periodic inventory system:

The method or system of recording the transactions related to inventory occasionally or periodically are referred to as periodic inventory system.

Prepare spreadsheet, record the appropriate informat...

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