You are the seller. You sell merchandise on account for $12,000. The merchandise cost you $7,200. The
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You are the seller. You sell merchandise on account for $12,000. The merchandise cost you $7,200. The terms are FOB shipping, 2/10, n/30. You receive a bill from UPS for $190 for transportation costs. The customer takes advantage of the sales discount when he pays you. Record the following transactions:
a. sale of the merchandise, taking into consideration transportation charges (if necessary)
b. receipt of payment from the customer
Related Book For
Financial Accounting
ISBN: 978-1118978085
IFRS 3rd edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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