Cabrera company uses perpetual inventory system and has the following account balances: Sales Revenue 300000, sales Returns

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Cabrera company uses perpetual inventory system and has the following account balances:

Sales Revenue 300000,

sales Returns and allowances 10,000,

COGS 174, and inventory 50,000.

Prepare the entries to record the closing of these items to income summary.

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Accounting Principles Volume 1

ISBN: 9781119786818

9th Canadian Edition

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak

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Posted Date: Jul 03, 2023 03:06 AM

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Cabrera company uses perpetual inventory system and has the following account balances: Sales Revenue 300000, sales Returns

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To record the closing of the sales revenue sales returns and allowances and cost of goods sold COGS ... View the full answer

Accounting Principles Volume 1

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