Miles Corp, has the following normal account balances at its 12/31/23 year-end, prior to adjusting entries...

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Miles Corp, has the following normal account balances at its 12/31/23 year-end, prior to adjusting entries being made Description Inventory balance at 1/1/23 Purchases discounts Purchase returns and allowances Freight-in Expense Purchases Additional Information. Per a physical inventory count, the accountant has determined that the inventory on hand at the end of the year is $100,000. Miles uses the periodic inventory system. Amount $ 70,000 30,000 10,000 15,000 2,000,000 Required: In the journal below, prepare the adjusting entry to record the cost of goods sold for 2023. Special Note: You may adjust the inventory account using either of the two methods discussed in class. Credit Date 12/31/23 Account Debit Miles Corp, has the following normal account balances at its 12/31/23 year-end, prior to adjusting entries being made Description Inventory balance at 1/1/23 Purchases discounts Purchase returns and allowances Freight-in Expense Purchases Additional Information. Per a physical inventory count, the accountant has determined that the inventory on hand at the end of the year is $100,000. Miles uses the periodic inventory system. Amount $ 70,000 30,000 10,000 15,000 2,000,000 Required: In the journal below, prepare the adjusting entry to record the cost of goods sold for 2023. Special Note: You may adjust the inventory account using either of the two methods discussed in class. Credit Date 12/31/23 Account Debit

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Given Beginning inventory 70000 Purchases 2000000 Pur... View the full answer