Prepare journal entries for the following transactions. Aug. 4 Sold merchandise on account to F. Graves for

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Prepare journal entries for the following transactions.

Aug. 4 Sold merchandise on account to F. Graves for $340 plus sales tax of 4%, with 2/10, n/30 cash discount terms.

6 Sold merchandise on account to B. Feikert for $180 plus sales tax of 4%.

10 F. Graves returned merchandise purchased on August 4 for $30 plus sales tax for credit.

13 F. Graves paid the balance due on her account.

15 B. Feikert returned merchandise purchased on August 6 for $50 plus sales tax for credit.

20 B. Feikert paid the balance due on his account.

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College Accounting

ISBN: 978-0538745192

20th Edition

Authors: Heintz and Parry

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Question Posted: Dec 20, 2011 09:32 AM

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Prepare journal entries for the following transactions. Aug. 4 Sold merchandise on account to F. Graves for

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GENERAL JOURNAL date description POST ref debit credit 20Aug 4 Accounts ReceivableF Graves 3 5 3 60 ...View the full answer

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