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Beaufort Leaf's return for 1991 reports sales and purchases
in the same amounts; i.e., $2,849,451.31 and $2,713,562.46,
respectively.
Neither the journal for 1991 nor anything else in the
record explains the nature of the "adjusting entries"
shown in the journal increasing sales in the amount of
$1,320,788.88 and increasing purchases in the amount of
$1,273,359.59. The adjusting entry to purchases of
$350,000 is labeled "Accts Payable--OK Leaf" without any
other explanation.
We note that Beaufort Leaf's journal for 1991 shows
the following checks issued by the partnership to
"HLRoberts" or "HLR":
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Last modified: May 25, 2011