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For the 2019 year, the following data were taken from the accounting records. $ Sales 900,000 Sales Returns and Allowances 30,000 Purchases 500,000 Purchase Returns and Allowances 8000 Discount Received 4,000 Freight-in 2,000 Inventory (1/7/18) 90,000 Inventory (30/6/19) 130,000 Net Purchases are: Question 19 Select one: a. $870,000 b. $500,000 c. $492,000 d. $488,000 e. None of the above

For the 2019 year, the following data were taken from the accounting records. $ Sales 900,000 Sales Returns and Allowances 30,000 Purchases 500,000 Purchase Returns and Allowances 8000 Discount Received 4,000 Freight-in 2,000 Inventory (1/7/18) 90,000 Inventory (30/6/19) 130,000 Net Purchases are: Question 19 Select one: a. $870,000 b. $500,000 c. $492,000 d. $488,000 e. None of the above

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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For the 2019 year, the following data were taken from the accounting records. $ Sales 900,000 Sales Returns and Allowances 30,000 Purchases 500,000 Purchase Returns and Allowances 8000 Discount Received 4,000 Freight - in 2,000 Inventory (1/7/18) 90,000 Inventory (30/6/19) 130,000 Net Purchases are: Question 19 Select one: a. $870,000 b. $500,000 c. $492,000 d. $488,000 e. None of the above
Transcribed Image Text:For the 2019 year, the following data were taken from the accounting records. $ Sales 900,000 Sales Returns and Allowances 30,000 Purchases 500,000 Purchase Returns and Allowances 8000 Discount Received 4,000 Freight - in 2,000 Inventory (1/7/18) 90,000 Inventory (30/6/19) 130,000 Net Purchases are: Question 19 Select one: a. $870,000 b. $500,000 c. $492,000 d. $488,000 e. None of the above
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