Question # 02At the end of Gordman Department Store’s fiscal year on December 31, 2010,...
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Accounting
Question # 02
At the end of Gordman Department Store’s fiscal year on December 31, 2010, these accounts appeared in its adjusted trial balance.
Freight-in
5,600
Merchandise Inventory
40,500
Purchases
447,000
Purchase Discounts
12,000
Purchase Returns and Allowances
6,400
Sales
718,000
Sales Returns and Allowances
8,000
Additional facts:
1. Merchandise inventory on December 31, 2010, is $75,000.
2. Note that Gordman Department Store uses a periodic system.
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