At the end of the year, Tunnel Mountain Resorts Ltd., a company that has a periodic inventory
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At the end of the year, Tunnel Mountain Resorts Ltd., a company that has a periodic inventory system, had the following account balances on its unadjusted trial balance: Inventory $75,000; Purchases $388,000; Purchase Discounts $6,000; and Freight In $12,000. The inventory count at the end of the year determined that the inventory on hand at that time cost $68,000. Record the adjusting journal entry that would be made at the end of the year to update the Inventory and Cost of Goods Sold accounts.
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Related Book For
Financial Accounting Tools For Business Decision Making
ISBN: 9781119594574
8th Canadian Edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine, Christopher D. Burnley
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