Indicate the effects of each of the transactions

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Reference no: EM132643724

Shown below are selected transactions of Kiger's a retail store that uses a perpetual inventory system.

(a) Purchased merchandise on account.

(b) Recognized the revenue from a sale of merchandise on account. (Ignore the related cost of goods sold.)

(d) Collected in cash the account receivable from the customer in transaction.

(e) Following the taking of a physical inventory at year-end, made an adjusting entry to record a normal amount of inventory shrinkage.

Problem 1: Indicate the effects of each of these transactions on the elements of the company's financial statements

Reference no: EM132643724

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