Question: Using the selected year-end account balances at December 31, 2010, for the Morris General Store shown below, prepare a 2010 income system. Beginning merchandise inventory

Using the selected year-end account balances at December 31, 2010, for the Morris General Store shown below, prepare a 2010 income system. Beginning merchandise inventory was $28,000; ending merchandise inventory is$21,000.

Debit Credit S309,000 Account Name Sales Sales Retums and Allowances Purchases Purchases Reeurns and Allowances Freight-In Selling Expenses General and Administrative Expenses S 15,200 114,800 7,000 5,600 56,400 37,200

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