Prepare journal entries to record each of the following sales transactions of a merchandising company The company uses a perpetual inventory system and the gross method
Apr. 1 Sold merchandise for $3,800, with credit terms n/30; invoice dated
April 1. The cost of the merchandise is $2,280 Apr& Sold merchandise for $1,400, with credit terms of 1/10, n/30; invoice dated
April 8.Cost of the merchandise is $980 Thustoner ln the 4orii 1 sale returned 546 of erchandise for full credit. The serchandise, which had cost 5276, is returned to inventory
Apr. 11 Received payment for the amount due from the Apri1
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Use the following account numbers and corresponding account titles to answer the following question. account no. account title (1) cash (2) merchandise inventory (3) cost of goods sold (4) transportation-out (5) dividends (6) common stock (7) selling expense (8) loss on the sale of land (9) sales which accounts would appear on the income statement?
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Prepare journal entries to record each of the following sales transactions of a merchandising compan...
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