Question: Use a tabular summary to record the following transactions for Skysong Co. (Omit recording cost of goods sold.) (a) On July 1, Skysong Co. sold

Use a tabular summary to record the following transactions for Skysong Co. (Omit recording cost of goods sold.) (a) On July 1, Skysong Co. sold merchandise on account to Stacey Inc. for $24,950. (b) On July 8, Stacey Inc. returned $2,550 of July 1 merchandise to Skysong Co. (c) On July 11, Stacey Inc. paid for the merchandise. (Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses eg. (45).) Cash (a) July 1 $ (b) (C 8 11 Assets Accts. Rec. Liabilities $ Common Stock

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