PROBLEM 3:
Make all necessary entries on the Final Exam Answer sheet in the Partial Income Statement provided for Problem 3 using the following information:
The following information was taken from the accounting records of Wilson Company for the month of November, 1999:
Merchandise Inventory, November 1.......... $ 68,000
Merchandise Inventory, November 30........... 62,500
Sales.............................................................. 235,400
Purchases...................................................... 196,250
Freight In.......................................................... 2,200
Sales Returns and Allowances.........................2,195
Sales Discounts................................................. 1,240
Purchase Returns and Allowances...................6,870
Purchase Discounts...........................................2,135
Complete the Partial Income Statement for the month of November 30, 1999.
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