Homework Answers
| No. | Account Titles and Explanation | Debit | Credit |
| 1 | Purchases | $285,000 | |
| Cash | $285,000 | ||
| (To record purchase of inventory) | |||
| 2 | Cash | $515,000 | |
| Sales revenue | $515,000 | ||
| (To record sale) | |||
| 3 | Merchandise Inventory (Ending) | $9,000 | |
| Cost of Goods Sold [Purchases + Beginning inventory - Ending inventory = $285,000 + $11,000 - $9,000] | $287,000 | ||
| Purchases | $285,000 | ||
| Merchandise Inventory (Beginning) | $11,000 | ||
| (To record ending inventory) |
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