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Y-Company uses the periodic inventory system. Y-Company reported the following amounts at June 30, 2021. Account Merchandise Inventory, July 1, 2020 Merchandise Inventory, June 30, $10,600 2021 Purchases $40,800 Purchases Returns & Allowances $2,200 Purchases Discount $900 $300 $128,200 $3,500 $1,300 Common Stock $524,000 Retained Earnings $321,000 Compute the cost of goods sold for the year. Freight In Sales Revenue Sales Returns & Allowances Sales Discounts Less: Value $24,800 Net Purchases

Y-Company uses the periodic inventory system. Y-Company reported the following amounts at June 30, 2021. Account Merchandise Inventory, July 1, 2020 Merchandise Inventory, June 30, $10,600 2021 Purchases $40,800 Purchases Returns & Allowances $2,200 Purchases Discount $900 $300 $128,200 $3,500 $1,300 Common Stock $524,000 Retained Earnings $321,000 Compute the cost of goods sold for the year. Freight In Sales Revenue Sales Returns & Allowances Sales Discounts Less: Value $24,800 Net Purchases

College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter14: Adjustments For A Merchandising Business
Section: Chapter Questions
Problem 2MC: Under the periodic inventory system, what account is debited when an estimate is made for sales made...
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Retained Earnings $321,000 Compute the cost of goods sold for the year. Less: Net Purchases Goods Available for Sale Cost of Goods Sold Submit All Parts
Transcribed Image Text:Retained Earnings $321,000 Compute the cost of goods sold for the year. Less: Net Purchases Goods Available for Sale Cost of Goods Sold Submit All Parts
Y-Company uses the periodic inventory system. Y-Company reported the following amounts at June 30, 2021. Account Merchandise Inventory, July 1, 2020 Freight In Sales Revenue Sales Returns & Allowances Sales Discounts Merchandise Inventory, June 30, $10,600 2021 Purchases $40,800 Purchases Returns & Allowances $2,200 Purchases Discount $900 $300 Value Less: $24,800 Net Purchases Common Stock $524,000 Retained Earnings $321,000 Compute the cost of goods sold for the year. $128,200 $3,500 $1,300
Transcribed Image Text:Y-Company uses the periodic inventory system. Y-Company reported the following amounts at June 30, 2021. Account Merchandise Inventory, July 1, 2020 Freight In Sales Revenue Sales Returns & Allowances Sales Discounts Merchandise Inventory, June 30, $10,600 2021 Purchases $40,800 Purchases Returns & Allowances $2,200 Purchases Discount $900 $300 Value Less: $24,800 Net Purchases Common Stock $524,000 Retained Earnings $321,000 Compute the cost of goods sold for the year. $128,200 $3,500 $1,300
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