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Menke Company is a furniture retailer and uses the perpetual inventory system. On January 14, 2017, Menke purchased
merchandise inventory at a cost of $45,000. The inventory was sold on account for $60,000 on January 21, 2017. The accounts
payable was settled on January 23, 2017, and the accounts receivables were settled on January 30, 2017. Use a tabular summary to
record each of these transactions. (Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses eg.
(45).)
Assets
Liabilities
Cash
Accounts Receivable
Inventory
Accounts Pay
Jan. 14 $
$
$
45000
$
21
60000
23
30
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