Prepare journal entries to record each of the following transactions of a merchandising company. Show any supporting
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Apr. 1 Sold merchandise for $2,000, granting the customer terms of 2/10, EOM. The cost of the merchandise was $1,400.
4 The customer in the April 1 sale returned merchandise and received credit for $500. The merchandise, which had cost $350, was returned to inventory.
11 Received payment for the amount due resulting from the April 1 sale, less the return and applicable discount, on April 4
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Apr 1 Accounts Receivable 2000 Sales 2000 To record credit sale 1 Cost of Goods Sold 1400 ...View the full answer
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Related Book For
Fundamental Accounting Principles
ISBN: 978-0071051507
Volume I, 14th Canadian Edition
Authors: Larson Kermit, Tilly Jensen
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