The debits and credits for four related entries for a sale of $15,000, terms 1/10, n/30, are
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Cash Sales 13,860 14,850 Accounts Receivable Cost of Merchandise Sold 14,850 (3) 990 13,860 (2) 8,800 Merchandise Inventory 575(2) Estimated Returns Inventory 8,800 575 Customer Refunds Payable
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1 Sold merchandise on account for 14850 15000 less discount of 1 2 Recorded the cost of the mer...View the full answer
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Related Book For
Accounting
ISBN: 978-1337899451
27th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
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