Review the following situations and record any necessary journal entries for Mequons Boutique. May 10 May 14
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Review the following situations and record any necessary journal entries for Mequon’s Boutique.
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May 10 May 14 Mequon's Boutique purchases $2,400 worth of merchandise with cash from a manufacturer. Shipping charges are an extra $130 cash. Terms of the purchase are FOB Shipping Point. Mequon's Boutique sells $3,000 worth of merchandise to a customer who pays with cash. The merchandise has a cost to Mequon's of $1,750. Shipping charges are an extra $150 cash. Terms of the sale are FOB Shipping Point.
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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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