Record the following transactions using T accounts, assuming the periodic inventory system is used: Aug. 4 Sold

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Record the following transactions using T accounts, assuming the periodic inventory system is used:

Aug. 4 Sold merchandise on credit to Rock Company, terms n/30, FOB destination, $2,520.

5 Paid transportation costs for sale of August 4, $231.

9 Part of the merchandise sold on August 4 was accepted back from Rock for full credit and returned to merchandise inventory, $735.

Sept. 3 Collected in full the amount due from Rock for merchandise sold on August 4, less the return on August 9.

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Principles of Accounting

ISBN: 978-1133626985

12th edition

Authors: Belverd E. Needles, Marian Powers and Susan V. Crosson

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Question Posted: Mar 26, 2014 08:05 AM

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Record the following transactions using T accounts, assuming the periodic inventory system is used: Aug. 4 Sold

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