Journalize the following transactions. Assume the perpetual inventory system. 201X July 4 Sold merchandise for $500 cash.
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201X
July 4 Sold merchandise for $500 cash. The cost of merchandise was $150.
9 Purchased merchandise from Rare Co. on account, $2,500, F.O.B. shipping point (buyer pays freight); terms 3/10, n/30. Freight to be paid on July 20.
20 Paid freight on July 9 purchase, $100.
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Date 201X Account Titles and Description PR Dr Cr Jul...View the full answer
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Related Book For 
College Accounting A Practical Approach Chapters 1-25
ISBN: 9780133791006
13th Edition
Authors: Jeffrey Slater
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