freight in freight in purchase discounts purchase

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Unformatted text preview: ... Purchases Purchases.......... Freight-in............. Freight-in Purchase discounts... Purchase returns....... Purchases............................... Purchases....................... Purchase discounts Purchase returns We will use a multiple-step income statement from this point forward Illustration 6-24 Periodic vs Perpetual Practice This problem requires extra paper. • Record all journal entries associated with the following transactions under a 1) periodic and 2) perpetual inventory system. - Assume that inventory at the beginning of December is $2,500 (125 units @ $20 per unit). The following transactions occur during December. ✓ 12/10: Purchased 100 units of inventory on account @ $20 per unit. ✓ 12/20: Sold 50 units for cash @$30 per unit. ✓ 12/31: Books are closed and financial statements are prepared....
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This document was uploaded on 02/17/2014 for the course ACCTG 215 at University of Washington.

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