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1 Made credit sales of $1,195,000. 2 Recorded Cost of Goods Sold of $500,000, reduced inventory. 3 Had sales returns of $73,000 for cash. 4
1 Made credit sales of $1,195,000. 2 Recorded Cost of Goods Sold of $500,000, reduced inventory. 3 Had sales returns of $73,000 for cash. 4 Received cash payments from customers of $1,150,000. Reduced receivables. 5 Wrote-off $16,000 of uncollectible accounts receivable. 6 Made an estimate for uncollectible accounts to bring allowance to $30,000 Journal Date Accounts Made credit sales of $1,1195,000. 2 4 5 To record cost of goods sold for $500,000. To record sales return for $73,000. to record cash payment of $1,150,000 Dr Ledger (continued) Cash 300,000 Accounts Payable 40,000 300,000 40,000 Inventory 698,000 Notes Payable 900,000 698,000 Equipment 900,000 50.000 L
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