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18. Record each of the following transactions or recognitions in T-account format, label the accounts used, and indicate for each account whether it is
18. Record each of the following transactions or recognitions in T-account format, label the accounts used, and indicate for each account whether it is an asset (A), liability (L), revenue (R), expense (E), or owners' equity (OE) account. Make only those entries required to record an event or transaction; do not include balances that may exist in the account as a result of earlier entries. Make sure that the sum of your debit entries equals the sum of your credit entries. a. Company Q sells $4,000 of merchandise to a customer; this merchan- dise is valued in inventory at $3,200. b. Company Q purchases, on credit, merchandise normally valued at $8,000; because of the size of the order, Q's vendor provides a 5 percent quantity discount.
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