On December 3, Ivanhoe Company sold $662.200 of merchandise to Oriole Co, terms 1/10, n/30, FOB...
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On December 3, Ivanhoe Company sold $662.200 of merchandise to Oriole Co, terms 1/10, n/30, FOB destination. The cost of the merchandise sold was $351.200. Ivanhoe paid $830 for freight charges. Prepare the journal entries to record these transactions on the books of Ivanhoe Company using a perpetualinventory system. (Credit occount titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 03 (To record credit sale) Dec. 03 (To record cost of merchandise sold) Dec. 03 (To record payment of freight on goods sold) On December 3, Ivanhoe Company sold $662.200 of merchandise to Oriole Co, terms 1/10, n/30, FOB destination. The cost of the merchandise sold was $351.200. Ivanhoe paid $830 for freight charges. Prepare the journal entries to record these transactions on the books of Ivanhoe Company using a perpetualinventory system. (Credit occount titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 03 (To record credit sale) Dec. 03 (To record cost of merchandise sold) Dec. 03 (To record payment of freight on goods sold)
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Related Book For
Financial Accounting An Integrated Statements Approach
ISBN: 978-0324312119
2nd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
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