Hollins Company buys merchandise on account from Gordon Company. The selling price of the goods is $780,

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Hollins Company buys merchandise on account from Gordon Company. The selling price of the goods is $780, and the cost of the goods is $520. Both companies use perpetual inventory systems. Journalize the transaction on the books of both companies.

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Accounting Principles

ISBN: 978-0470533475

9th Edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

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Question Posted: Sep 20, 2011 09:06 AM

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Hollins Company buys merchandise on account from Gordon Company. The selling price of the goods is $780,

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Accounting Principles

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