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3 Journalize the following sales transactions for Twin Peak Tractors. Exolanations are not required. begin{tabular}{ll} hline & Twin Peak sold $22,000 of inventory on acoount,
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Journalize the following sales transactions for Twin Peak Tractors. Exolanations are not required. \begin{tabular}{ll} \hline & Twin Peak sold $22,000 of inventory on acoount, credit terms of 1/10, n/30. Cost of goods is $11,000. Twin Peak \\ June 5 & uses the gross method to record sales revenue. \\ June 12 & Twin Peak receives payment from the customer on the amount due, less the discount. \\ \hline (Record debits first, then credits. Exclude explanations from journal entries. Assume the company uses the perpetual inventory system.) \end{tabular} June 5: Twin Peak sold \$22,000 of inventory on account, credit terms of 1/10, n/30. Cost of goods is $11,000. Twin Peak uses the gross method to record sales revenue. Begin by preparing the entry to journalize the sale portion of the transaction. (Do not record the expense related to the sale with this entry. We will do that in the following step.)Step by Step Solution
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