Accounts Receivable started off with a balance of $1000 Inventory started off with a balance...
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Accounting
Accounts Receivable started off with a balance of $1000
Inventory started off with a balance of $1800
Smith Foods sub ledger started off with a balance of 50.
Sold $500 to Smith Foods our cost 375
Sold $700 to Smith Foods our cost 525
Received payment from Smith Foods of $1200
Sold to $1000 to Smith Foods our cost 750
What is the ending balance of the inventory account, accounts receivable account and what is our Gross Profit? Show your work. (T accounts)
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