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Prepare journal entries to record the purchases and sales

Question - Bascomb Company purchased $420,000 in merchandise on account during the month of April, and merchandise costing $350,000 was sold on account for $425,000.

Required:

1. Prepare journal entries to record the purchases and sales assuming Bascomb uses a perpetual inventory system.

2. Prepare journal entries to record the purchases and sales assuming Bascomb uses a periodic inventory system.

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Accounting Basics: Prepare journal entries to record the purchases and sales

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Accounting Basics: Prepare journal entries to record the purchases and sales

Reference No:- TGS02428403

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