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Journal Entries for entity using a perpetual inventory system.

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February 13th, 2023

Journal entries of these three problems using perpetual inventory system.

1) Held office party for retiring accountant. Balloons, hats and refreshments cost $150 and were paid for with office staff contributions.

2) Company executives appeared on the cover of a national advertising magazine. Related article extolled Gene’s labor practices, environmental concerns and customer service.

3) Market value of Gene’s common stock rose by $150,000

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