Make the journal entry (or entries) necessary to record the following transaction: Sold merchandise costing $8,000 for

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Make the journal entry (or entries) necessary to record the following transaction: Sold merchandise costing $8,000 for $14,000. Of the $14,000, $4,000 was received in cash and the remainder was on account. Assume a perpetual inventory system, meaning that the inventory reduction is recorded at the time of the sale.

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Intermediate Accounting

ISBN: 978-0324592375

17th Edition

Authors: James D. Stice, Earl K. Stice, Fred Skousen

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