The Khan Heater Business sells portable heaters and related equipment. The business uses a perpetual inventory system,

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The Khan Heater Business sells portable heaters and related equipment. The business uses a perpetual inventory system, and its inventory balance at the beginning of September was \(\$ 3900\). Its cash balance was \(\$ 2250\), and the I. Khan, Capital balance was \(\$ 6150\) at the beginning of September. Khan entered into the following transactions during September.

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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 September.
c Calculate the gross profit and the gross profit percentage for September.

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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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