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Part AUse the following information to complete the partial worksheet for Bill’s Company. Record the appropriate adjusting entries using thedata below and extend the balances over to the adjusted trial balance columns.Merchandise inventory—ending$10Store supplies on handDepreciation on store equipment2Accrued salariesSolution.31
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Part B(1)Prepare the necessary general journal entry for June 16, Purchased merchandise having a price of $6,000from the ShelbyManufacturing Co. on account with credit terms 2/10, n/30. Transportation terms F.O.B destination.