Principles of Accounting: Chapters 1-13
Principles of Accounting: Chapters 1-13
12th Edition
ISBN: 9781133593102
Author: Belverd E., Jr, Ph.d. Needles, Marian, Ph.D. Powers, Susan V. Crosson
Publisher: Cengage Learning
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Chapter 6, Problem 5P

1.

To determine

Prepare journal entities by assuming that periodic inventory system is used.

2.

To determine

Explain whether the terms “net sales” and “sales” are equivalent and comparable, state the content of the net sales and explain the reason for which the company uses sales instead of net sales.

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