Financial Accounting Quiz
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PROBLEM-SOLVING & ACCOUNTING REASONING
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Stellar Corporation's trial balance shows Inventory $45,000 (debit) and Accounts Payable $32,000 (credit). During the month, the company purchased inventory costing $18,000 on account and returned defective inventory costing $3,000 to the supplier.
Using T-accounts to verify the journal entry logic for these inventory transactions, what should be the ending balances in the affected accounts?
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