Answer:
$39500
Explanation:
$39500 is the final balance of company Lorenzo.
When using the perpetual inventory system the entry to close cost of goods sold?
- When using the perpetual inventory system, the entry to close Cost of Goods Sold will include a debit to Income Summary. A company purchased 200 units for $30 each on January 31.
- Asset and expense accounts appear on the debit side of the trial balance whereas liabilities, capital, and income accounts appear on the credit side.
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