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Prepare journal entries to record the purchases

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Reference no: EM131632867

Question - Bascomb Company purchased $420,000 in merchandise on account during the month of April, and merchandise costing $350,000 was sold on account for $425,000.

Required:

1. Prepare journal entries to record the purchases and sales assuming Bascomb uses a perpetual inventory system.

2. Prepare journal entries to record the purchases and sales assuming Bascomb uses a periodic inventory system.

Reference no: EM131632867

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