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3. Fastforward uses the perpetual inventory system and had the following sales transactions during May: May 2 Sold merchandise to Happy Hobby Shop on
3. Fastforward uses the perpetual inventory system and had the following sales transactions during May: May 2 Sold merchandise to Happy Hobby Shop on credit for $6,800, The items sold had a cost of $2,600. May 13 Happy Hobby Shop paid for the merchandise sold on May 2. Requirement: Prepare the journal entries that Fastforward must make to record (1) the sales transaction on May 2 and (2) cash collection on May 13.
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Principles of Financial Accounting
Authors: Belverd E. Needles, Marian Powers
12th edition
978-1133940562, 1133940560, 978-1285608464, 1285608461, 1133939287, 978-0357693605, 978-1285607047, 128560704X, 978-1133939283
