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April 25, 2014

Homework Help: accounting

Posted by Anonymous on Wednesday, March 7, 2012 at 2:03pm.

Schumacher Company uses the perpetual inventory system, and it engaged in the following transactions during 2012:

1) Started the business by issuing common stock for $7,500 cash
2) Paid cash to purchase $5,000 of inventory
3) Sold inventory that cost $3,000 for $7,250 cash
4) Incurred and paid operating expenses, $250

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