Sales Retums and Allowances $410,000 Sales Discount 140,000 Sales 1.500,000 Salaries Expenses - Sales 52,000 Rent Revenue 22,000 Purchases Retums and Allowances 120,000 Purchases 600,000 Loss from write down of Inventory 17,000 Iaventory, January 1, 2020 Interest Expense Gain from Sale of Building Freight-out 460,000 55,000 23,000 14,000 Freight-in 30,000 Depreciation Expense - Sales 22,000 Cost of Goods Sold 600,000 Based on the data above, the inventory account showed a balance of $------ on December 31, 2020: * $340,000 $370,000 $354,000 None of the above

Sales Retums and Allowances $410,000 Sales Discount 140,000 Sales 1.500,000 Salaries Expenses - Sales 52,000 Rent Revenue 22,000 Purchases Retums and Allowances 120,000 Purchases 600,000 Loss from write down of Inventory 17,000 Iaventory, January 1, 2020 Interest Expense Gain from Sale of Building Freight-out 460,000 55,000 23,000 14,000 Freight-in 30,000 Depreciation Expense - Sales 22,000 Cost of Goods Sold 600,000 Based on the data above, the inventory account showed a balance of $------ on December 31, 2020: * $340,000 $370,000 $354,000 None of the above

Name: 46 llE9 b M59% O 2:238 docs.google.com/forms/c42The following account
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Description: 46 llE9 b M59% O 2:238 docs.google.com/forms/c42The following accounts are extractedfrom the worksheet of X Company onDecember 31, 2020Sales Retums and Allowances$410,000Sales Discount140,000Sales1,500.000Salaries Expenses - Sales52,000Rent Revenue2

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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