Question: Please solve this question 21. ACCT -3312- Intermediate Accounting 2 Company accounting policy is as follows: - Company policy is to record adjusting journal entries

Please solve this question 21.

ACCT -3312- Intermediate Accounting 2

Company accounting policy is as follows: - Company policy is to record adjusting journal entries once each year at year-end (December 31st ). Reversing journal entries are not used by the company. - Sales tax is recorded concurrently with sales revenue. - Merchandise purchases are recorded using the 'Gross Method'. The company uses a perpetual inventory system. - For internal control reasons, company policy prohibits journal entries that include both cash and a nominal account. - The company's yearend is December 31st

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