Question: Consider the following data taken from the adjusted trial balance of the Newport Boat Company, Prepare summary journal entries. The ending inventory was $35million. $140

Consider the following data taken from the adjusted trial balance of the Newport Boat Company,

Prepare summary journal entries. The ending inventory was $35million.

$140 $239 Purchases (on account) Sales returns and allowances Freight In (paid in cash) Cash discounts on purchases Inventory (beginning of year) Sales (on account) 5 Purchase returns and allowances 14 Cash discounts on sales 8 80 1 Other expenses 25

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