Our company uses a perpetual inventory system. On July 3, we sold merchandise with a cost of

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Our company uses a perpetual inventory system. On July 3, we sold merchandise with a cost of $3,000 for $6,500 to a customer on account. The terms of the sale were 2/10, n/30. What account and amount would we credit to record the sales revenue for this transaction?

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Understanding Basic Statistics

ISBN: 9781111827021

6th Edition

Authors: Charles Henry Brase, Corrinne Pellillo Brase

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Posted Date: Nov 07, 2023 12:28 AM

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Our company uses a perpetual inventory system. On July 3, we sold merchandise with a cost of

Question:

Our company uses a perpetual inventory system. On July 3, we sold merchandise with a cost of $3,000 for $6,500 to a customer on account. The terms of the sale were 2/10, n/30. What account and amount would we credit to record the sales revenue for this transaction?

Expert Answer:

In a perpetual inventory system when recording a sale we need to cre... View the full answer

Understanding Basic Statistics

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