The Jung Art Supplies Business sells various art supplies to local artists. The business uses a perpetual

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The Jung Art Supplies Business sells various art supplies to local artists. The business uses a perpetual inventory system. The balance of its inventory of art supplies at the beginning of October was \(\$ 3000\). Its cash balance was \(\$ 960\) and the Jung, Capital balance was \(\$ 3960\) at the beginning of October. Ms Jung entered into the following transactions in October:

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Required:
a Record the above transactions in appropriate accounts.
b Determine the balances in all the accounts at the end of October.
c Calculate the gross profit and the gross profit percentage for October.

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Accounting Information For Business Decisions

ISBN: 9780170253703

2nd Edition

Authors: Billie Cunningham, Loren A. Nikolai, John Bazley, Marie Kavanagh, Geoff Slaughter, Sharelle Simmons

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