Prepare journal entries for the following transactions. Oct. 5 Sold merchandise on account to B. Farnsby for

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Prepare journal entries for the following transactions.

Oct. 5 Sold merchandise on account to B. Farnsby for $280 plus sales tax of 4%.

8 Sold merchandise on account to F. Preetee for $240 plus sales tax of 4%, with 2/10, n/30 cash discount terms.

11 F. Preetee returned merchandise purchased on October 8 for $50 plus sales tax for credit.

17 F. Preetee paid the balance due on her account.

18 B. Farnsby returned merchandise purchased on October 5 for $60 plus sales tax for credit.

20 B. Farnsby paid the balance due on his account.

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College Accounting

ISBN: 978-0538745192

20th Edition

Authors: Heintz and Parry

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Question Posted: Dec 20, 2011 09:32 AM

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Prepare journal entries for the following transactions. Oct. 5 Sold merchandise on account to B. Farnsby for

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DATE DESCRIPTION 20 Oct 5 Accounts ReceivableB Farsnby Sales Sales Tax ...View the full answer

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