Hillyard Company, an office supplies specialty store, prepares its master budget on a...
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Accounting
Hillyard Company, an office supplies specialty store, prepares its master budget on a quarterly basis. The following data have been assembled to assist in preparing the master budget for the first quarter: As of December the end of the prior quarter the companys general ledger showed the following account balances: Debits Credits Cash Accounts receivable Inventory Buildings and equipment net Accounts payable Common stock Retained earnings Actual sales for December and budgeted sales for the next four months are as follows: Decemberactual January February March April Sales are
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