Sinton Inc

question 140

Essay

Sinton Inc.uses a periodic inventory system.During the current year,its beginning inventory was $5,200 and net purchases amounted to $24,600.At the end of the year,after counting its inventory,the company determined that the dollar valuation of its ending inventory was $4,100.
Required:
Prepare the two journal entries that will be recorded on Stinton's books on the last day of the year.Include explanations.

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Definitions:

Quality

An attribute or characteristic that determines the excellence, condition, or value of something, often measured against standards or requirements.

Citation

A reference or mention of a source, used to give credit to the original author or to support claims in a text.

Journal Article

A scholarly work published in an academic or professional journal, contributing to a particular field of study.

Author Names

The individuals credited with creating a specific work, such as a research paper or study, often indicating their contribution and expertise.