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prepared for credit purposes. Cash receipts and disbursements for the
first 10 days of January were recorded as December transactions. The
information is given below.
1. January cash receipts recorded in the December cash book totaled
$45,640 , of which $28,000 represents cash sales, and $17,640
represents collections on account for which cash discounts of $360
were given.
2. January cash disbursements recorded in the December check
register liquidated accounts payable of $22,450 on which discounts of
$250 were taken.
3. The ledger has not been closed for 2014.
4. The amount shown as inventory was determined by physical count
on December 31, 2014. The company uses the periodic method of
inventory.
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ACC 537 Week 2 E8 21 LIFO Effect
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