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Figure 1.2
Using the figure above, identify the labeled part.
-Label I: ______________________________
Merchandise Inventory Account
An account in the general ledger that tracks the cost of goods intended for sale during an accounting period.
Worksheet
A document or tool used by accountants for preparing financial statements and supporting calculations.
Sales
Sales refer to the total revenue earned by a business from selling goods or services.
Worksheet
A spreadsheet used for preparing financial statements and reconciling accounts.
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