Record in T account form the following transactions, assuming the periodic inventory system is used. Aug. 4

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Record in T account form the following transactions, assuming the periodic inventory system is used.

Aug. 4 Sold merchandise on credit to Rivera Company, terms n/30, FOB destination, $5,040.

5 Paid transportation costs for sale of August 4, 462.

9 Part of the merchandise sold on August 4 was accepted back from Rivera Company for full credit and returned to merchandise inventory, $1,470.

Sept. 3 Collected in full the amount due from Rivera Company for merchandise sold on August 4, less the return on August 9.

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Principles of Accounting

ISBN: 978-1439037744

11th Edition

Authors: Needles, Powers, crosson

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Question Posted: Feb 23, 2012 12:38 AM

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Record in T account form the following transactions, assuming the periodic inventory system is used. Aug. 4

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T accounts set up and entries posted 903 Bal 804 ...View the full answer

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