Journalize the following sales transactions for Lucys Boutique. Explanations are not required. The company estimates sales returns
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Journalize the following sales transactions for Lucy’s Boutique. Explanations are not required. The company estimates sales returns at the end of each month.
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Mar. 3 Lucy sold $63,000 of women's clothes on account, credit terms are 3/10, n/30, to Maria's Dresses. Cost of goods is $35,000. 7 Lucy granted a sales allowance of $100 for the clothes sold on July 3. Maria's Dresses did not return the inventory. 10 Lucy received payment from Maria's Dresses on the amount due, less sales allowance and discount.
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Horngrens Accounting The Financial Chapters
ISBN: 9780136162186
13th Edition
Authors: Tracie Miller Nobles, Brenda Mattison
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