Question: Sams Supply, Inc., uses a perpetual inventory system. Enter the following transaction into the accounting equation: In February, Sams sold $320,000 of merchandise on account

Sam’s Supply, Inc., uses a perpetual inventory system. Enter the following transaction into the accounting equation:

In February, Sam’s sold $320,000 of merchandise on account with terms 3/10, n/30. The cost of the merchandise sold was $100,000.


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