Seramin Importers, Inc. sells coffee pots for $ 80 each. On November 12, the company sold 35
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Required
a. Provide the necessary journal entries for Seramin to record these transactions under both the gross and net methods. (Ignore the journal entry that would typically be necessary to record the reduction of inventory and cost of goods sold.)
b. Provide a comparison of the impact on the income statement for each method.
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Related Book For
Intermediate Accounting
ISBN: 978-0132162302
1st edition
Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
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