Financial Accounting Fundamentals
Financial Accounting Fundamentals
6th Edition
ISBN: 9781259726910
Author: John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher: McGraw-Hill Education
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Chapter 4, Problem 4AP

1.

To determine

Prepare the closing entries to close the balances in temporary revenue and expense accounts as of August 31, 2017 under perpetual inventory system.

2.

To determine

Compute the ratio of sales returns and allowances divided by gross sales and explain the current year’s ratio to the prior year’s ratio.

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Financial Accounting Fundamentals

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