- 9 - 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":Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011