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JT Company uses a periodic inventory system. At December 31, 20X1, its unadjusted trial balance included the following: Purchases Purchases Returns and Allowances Purchases Discounts Freight-in Inventory, 1/1/20X1 $5,110,000 75,000 51,000 98,000 326,000 Ending inventory is valued at $287,000. The entry to close purchases and the related accounts will include total debits of $5,247,000. a debit to Purchases for $5,110,000 a debit to Cost of Goods Sold for $5,219,000. total credits of $5,208,000.

JT Company uses a periodic inventory system. At December 31, 20X1, its unadjusted trial balance included the following: Purchases Purchases Returns and Allowances Purchases Discounts Freight-in Inventory, 1/1/20X1 $5,110,000 75,000 51,000 98,000 326,000 Ending inventory is valued at $287,000. The entry to close purchases and the related accounts will include total debits of $5,247,000. a debit to Purchases for $5,110,000 a debit to Cost of Goods Sold for $5,219,000. total credits of $5,208,000.

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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JT Company uses a periodic inventory system. At December 31, 20X1, its unadjusted trial balance included the following: Purchases Purchases Returns and Allowances Purchases Discounts Freight-in Inventory, 1/1/20X1 $5,110,000 75,000 51,000 98,000 326,000 Ending inventory is valued at $287,000. The entry to close purchases and the related accounts will include total debits of $5,247,000. a debit to Purchases for $5,110,000 a debit to Cost of Goods Sold for $5,219,000. total credits of $5,208,000.
Transcribed Image Text:JT Company uses a periodic inventory system. At December 31, 20X1, its unadjusted trial balance included the following: Purchases Purchases Returns and Allowances Purchases Discounts Freight-in Inventory, 1/1/20X1 $5,110,000 75,000 51,000 98,000 326,000 Ending inventory is valued at $287,000. The entry to close purchases and the related accounts will include total debits of $5,247,000. a debit to Purchases for $5,110,000 a debit to Cost of Goods Sold for $5,219,000. total credits of $5,208,000.
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