Question: Exercises L02 BRIEF EXERCISE 6.7 Periodic Inventory 271 Bronson Inc. is a retailer of sporting goods. Bronson's beginning inventory is $80,000 and its purchases

Exercises L02 BRIEF EXERCISE 6.7 Periodic Inventory 271 Bronson Inc. is a retailer of sporting goods. Bronson's beginning inventory is $80,000 and its purchases during the year are $250,000. Its ending inventory is $30,000. Make the closing entries necessary given that Bronson uses a periodic inventory system. L04 System-Closing Process

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