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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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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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