The June 30, 2021, year-end trial balance for Askew company contained the following information:

The June 30, 2021, year-end trial balance for Askew company contained the following information:

The answer is: A. $239,000 B. June 30 Dr Cost of goods sold. $239,000 Closing Inventory $40,600 Purchase returns $10,600 Purchase discounts $ 6,600 Cr Opening Inventory. $ 32,600 Purchase $247,000 Freight-in $18,200 Explanation: Net purchase is Purchases. $246,000 Minus: Purchase discounts $6,600 Minus:Purchase returns $10,600 Plus: Freight-in $18,200 Net purchase. $247,000 A. Cost of sales: Opening Inventory $32,600 Plus: Purchases. $247,000 Minus: closing Inventory. $40,600 Cost of sales. $239,000 B. June 30 Dr Cost of goods sold. $239,000 Closing Inventory $40,600 Purchase returns $10,600 Purchase discounts $ 6,600 Cr Opening Inventory. $ 32,600 Purchase $247,000 Freight-in $18,200

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Entrepreneur is a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.

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