Review the following situations and record any necessary journal entries for Clubs Unlimited. Jun. 12 Jun. 18
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Review the following situations and record any necessary journal entries for Clubs Unlimited.
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Jun. 12 Jun. 18 Clubs Unlimited purchases $3,540 worth of merchandise on credit from a manufacturer. Shipping charges are an extra $150 cash. Terms of the purchase are 2/10, n/45, FOB Shipping Point, invoice dated June 12. Clubs Unlimited sells $8,200 worth of merchandise to a customer who pays on credit. The merchandise has a cost to Clubs Unlimited of $3,280. Shipping charges are an extra $150 cash. Terms of the sale are 3/15, n/30, FOB Shipping Point, invoice dated June 18.
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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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