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Presented below are some business transactions that

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Presented below are some business transactions that occurred during 2008 for Vicki Prowitz Company. In each of the situations below identify the assumption, principle or the constraint that has been violated if any. give the correct journal entry.

Merchandise inventory with the cost of $208,000 is reported at its market value of $260,000. The following entry was made.Merchandise inventory 52,000,Gain 52,000.What should be the correct entries?

Reference no: EM13601250

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