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What adjusting journal entry to record the cost of good sold

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Reference no: EM132858979

The following data are from the records of Nigel Trading Company:

Purchases P150,000

Purchase returns and allowances 10,000

Purchase discount 30,000

Freight-in 20,000

Freight-out 15,000

Merchandise inventory - ending balance 20,000

Cost of goods sold 160,000

Question 1: The adjusting journal entry to record the cost of goods sold and the ending inventory will show a credit to merchandise inventory beginning of

Reference no: EM132858979

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