Record the following merchandising transactions in proper journal entry format using the General Journal form provided....

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Record the following merchandising transactions in proper journal entry format using the General Journal form provided. The company uses the perpetual inventory system and accounts for discounts using the gross method. Date Dec 1 5 Transaction Purchased $15,000 of merchandise on account from XYZ Company, 2/10, n/30. Returned $3,000 of the merchandise to XYZ Company that was purchased on December 1. 7 Sold $6,000 of merchandise to ABC Company on account, n/30. The cost of merchandise sold was $2,900. 11 25 Paid XYZ Company for the purchase for December 1 less the return from December 5. Received payment from ABC Company from the sale on December 7. Record the following merchandising transactions in proper journal entry format using the General Journal form provided. The company uses the perpetual inventory system and accounts for discounts using the gross method. Date Dec 1 5 Transaction Purchased $15,000 of merchandise on account from XYZ Company, 2/10, n/30. Returned $3,000 of the merchandise to XYZ Company that was purchased on December 1. 7 Sold $6,000 of merchandise to ABC Company on account, n/30. The cost of merchandise sold was $2,900. 11 25 Paid XYZ Company for the purchase for December 1 less the return from December 5. Received payment from ABC Company from the sale on December 7.

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Answer Date Account Titles and Explanation Debit Credit Dec 1 Inventory 15000 ... View the full answer