Harvest, Inc., a retail company, reported inventories of $1,020,240 at the beginning of the year, and $1,050,480 at the end of the year. The annual income statement reported cost of goods sold of $8,760,240. a. Compute the amount of inventory purchased during the year. $ a. Prepare journal entries to record (1) inventory purchases and (2) cost of goods sold. Assume all purchases were made on account. Ref. (1) (2) Account To record purchases. To record cost of goods sold. Debit Credit

Harvest, Inc., a retail company, reported inventories of $1,020,240 at the beginning of the year, and $1,050,480 at the end of the year. The annual income statement reported cost of goods sold of $8,760,240. a. Compute the amount of inventory purchased during the year. $ a. Prepare journal entries to record (1) inventory purchases and (2) cost of goods sold. Assume all purchases were made on account. Ref. (1) (2) Account To record purchases. To record cost of goods sold. Debit Credit

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Description: Harvest, Inc., a retail company, reported inventories of $1,020,240 at the beginning of the year, and $1,050,480 at the end of the year. The annual income statement reported cost of goods sold of $8,760,240.a. Compute the amount of inventory purchas

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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