Journalize the following merchandise transactions. Refer to the Chart of Accounts for exact wording of account titles.

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Jan 1 Sold merchandise on account, $77,100 with terms 110, n30, using the net method under a perpetual inventory system.

The cost of the goods sold was $42,750.

6 Received payment less the discount.

7 Refunded $600 to customer for defective merchandise that was not returned.

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Intermediate Accounting

ISBN: 978-0077400163

6th edition

Authors: J. David Spiceland, James Sepe, Mark Nelson

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Posted Date: Oct 09, 2020 12:36 PM

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Journalize the following merchandise transactions. Refer to the Chart of Accounts for exact wording of account titles.

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JOURNAL ENTRIES Particulars Date Jan 1 Account Rec... View the full answer

Intermediate Accounting

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