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Inventory R600 000 Purchases R350 000 Sales R450 000 Purchase returns R1200 Sales returns R2000 Freight charges on purchase R650 Freight charges on sales R1300 Settlement discount received R235 Settlement discount granted R350 A physical inventory count on 28 February 20.4 indicated that inventory on hand amounted to R540 000. The periodic inventory system is in use.
What is current assets in accounting?
What type of account is accumulated depreciation?