The Arnold Company has the following information relating

The Arnold Company has the following information relating to its inventory for 2009 Beginning inventory 80000 Ending inventory 60000 REQUIRED Create the entries under each of the two systems that record the sales and cost of sales transactions under both the periodic and perpetual systems of inventory H 11 H 12 Purchases on account 20000 Purchases returns 5000 Sales on account At cost 35000 At Selling price 50000

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