On October 4, Shearson Woodworks sold $15,000 of merchandise on account to Lin Furniture Mart, with terms
Question:
On October 4, Shearson Woodworks sold $15,000 of merchandise on account to Lin Furniture Mart, with terms of 3/10, n/30. Shearson uses the perpetual inventory system;
the cost of the inventory sold was $9,000.
Required: (1) Assume that Lin pays for the purchase on October 12. Prepare T-account entries for Shearson to record the sale and collection.
(2) Assume that Lin pays for the purchase on October 30. Prepare T-account entries for Shearson to record the sale and collection. TYK-1
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Related Book For 
Accounting Information For Business Decisions
ISBN: 9780030224294
1st Edition
Authors: Billie Cunningham, Loren A. Nikolai, John Bazley
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