On April 30, 2014, Comox Jewellers purchased inventory of $45,000 on account from Northern Gems Ltd., a
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1. Journalize all necessary transactions for Comox Jewellers, which uses the perpetual inventory system. Explanations are not required.
2. Journalize the transactions of Northern Gems Ltd., which uses the perpetual inventory system. Northern's gross margin is 35 percent, so cost of goods sold is 65 percent of sales. Explanations are not required.
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Related Book For
Accounting Volume 1
ISBN: 978-0132690096
9th Canadian edition
Authors: Charles T. Horngren, Walter T. Harrison, Jo Ann L. Johnston, Carol A. Meissner, Peter R. Norwood
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