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Find what is the adjusting journal entry for merchandise

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Reference no: EM132779619

Problem 1: What is the adjusting journal entry for:

Merchandise in transit and to which the company had title at December 31, 2006 and 2007 was not included in the year-end inventories. These shipments of $3,800 and $5,500 were recorded as purchases in January of 2007 and 2008, respectively.

Reference no: EM132779619

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