Prepare the entries to record the closing of the items, Financial Accounting

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Prepare the entries to record the closing of the items

Problem

Oriole Company has the following merchandise account balances: Sales Revenue $206,590, Sales Discounts $1,020, Purchases $100,640, and Purchases Returns and Allowances $24,810. In addition, it has a beginning inventory of $51,410 and an ending inventory of $17,440.

Prepare the entries to record the closing of these items to Income Summary using the periodic inventory system.

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Financial Accounting: Prepare the entries to record the closing of the items

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Financial Accounting: Prepare the entries to record the closing of the items

Reference No:- TGS03239293

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