Record the journal entries for the following sales transactions of Apache Industries. Nov. 7 Nov. 14 Nov.
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Record the journal entries for the following sales transactions of Apache Industries.
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Nov. 7 Nov. 14 Nov. 21 Sold 10 computers on credit for $870 per computer. Terms of the sale are 5/10, n/60, invoice dated November 7. The cost per computer to Apache is $560. The customer returned 2 computers for a full refund from Apache. Apache returns the computers to their inventory at full cost of $560 per computer. The customer paid their account in full from the November 7 sale.
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Nov 7 Debit Accounts Receivable 8700 Credit S...View the full answer
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Related Book For
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
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A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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