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Give the journal entries for the transactions listed below under each of the two inventory systems.
A. Purchase merchandise for cash, $1,000
B. Sold merchandise for $600 cash that had a cost of $480 (cost is 80% of the sales price)
C. Accepted a sales return from a customer: Sales price $30. A cash refund was given to the customer . The goods were returned to regular inventory D. Returned goods to the vendor because they did not meet our specification; $50 cash refund was received.
Expected Return
The predicted average return on an investment calculated by adding together all possible returns weighted by the likelihood of each occurring.
Asset Allocation Strategy
A method of investment where an individual divides their investment portfolio among various asset categories, such as stocks, bonds, and cash, to optimize risk and return.
Go Global
A strategy or approach aimed at expanding business operations internationally to access larger markets and opportunities.
U.S. Equity
Shares that represent ownership in U.S.-based companies and can be traded on American stock exchanges.
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