Archer Co. completed the following transactions and uses a perpetual inventory system. Aug. 4 10 Sold $3,700

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Archer Co. completed the following transactions and uses a perpetual inventory system.

Aug. 4 10 Sold $3,700 of merchandise on credit (that had cost $2,000) to McKenzie Carpenter, terms n/10. Sold

11 14 15 22 Sold $1,250 of merchandise (that had cost $900) to customers who used their Goldman cards.

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Financial And Managerial Accounting

ISBN: 9781260728774

9th Edition

Authors: John J. Wild

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Question Posted: Jan 16, 2024 04:01 AM

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Archer Co. completed the following transactions and uses a perpetual inventory system. Aug. 4 10 Sold $3,700

Question:

Aug. 4 10 Sold $3,700 of merchandise on credit (that had cost $2,000) to McKenzie Carpenter, terms n/10. Sold $5,200 of merchandise (that had cost $2,800) to customers who used their Commerce Bank credit cards. Commerce charges a 3% fee.

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ANSWER Here are the jounal entries Date Account Debit Credit Explanation Aug 4 Accounts Receivable M...View the full answer

Financial And Managerial Accounting

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