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    Transactions for perpetual inventory system

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    Alanis Morrissette Company uses a perpetual inventory system. Its beginning inventory

    consists of 50 units that cost $30 each. During June, the company purchased 150 units

    at $30 each, returned 6 units for credit, and sold 125 units at $50 each. Journalize the

    June transactions.

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    https://brainmass.com/business/inventory/transactions-perpetual-inventory-system-295707

    Solution Preview

    In the perpetual inventory method all purchase and sales transactions are recorded in the inventory account.
    The entries ...

    Solution Summary

    The solution explains the journal entries for inventory using perpetual method.

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