Make the journal entry (or entries) necessary to record the following transaction: Sold merchandise costing $14,000 for
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Make the journal entry (or entries) necessary to record the following transaction: Sold merchandise costing $14,000 for $22,000. Of the $22,000, $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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