) Presented below is information related to Chesterton Corp for the year ended December...
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Accounting
) Presented below is information related to Chesterton Corp for the year ended
December 31, 2019.
Purchases
$200,000
Purchase discounts
3,000
Purchase returns & allowances
6,000
Sales revenue
312,000
Sales discounts
8,000
Sales returns & allowances
13,000
Freight-in
10,000
Freight-out
5,000
Inventory, January 1, 2019
42,000
Inventory, Dec. 31, 2019
63,000
Instructions:
Prepare a partial income statement through gross profit, including a detailed cost of goods sold section assuming that Chesterton uses a periodic inventory system.
Record the entry adjust inventory and close the temporary cost of goods sold accounts.
Date
Debit
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Answer & Explanation
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