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Prepare the journal entries related to the sale of inventory

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Reference no: EM132976908

Your company sold five in-ground basketball systems for $2,300 per system on credit today. The inventory cost $1,200 per system and was bought last month on credit. The company uses a perpetual inventory system.

Required:

Problem 1: Prepare the journal entries related to the following events:

Problem 1.1: The purchase of the inventory
Problem 1.2: The sale of the inventory

Reference no: EM132976908

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