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Do the entry for purchases

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Boston Shop uses a periodic inventory system. At December 31, 2019, the accounting records include the following information:

Inventory(December 31, 2018)------------------------$2500

Net Sales-----------------------------------------------------$80,000

Purchases ----------------------------------------------------$31,000

  • A complete physical inventory taken at December 31, 2019, indicates merchandise costing $2900 remains in stock.

Question a) Do the entry for purchases. Boston Shop bought these items on account.

Reference no: EM132503659

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