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35 On September 12, Vander Company sold merchandise in the amount of $7,600 to Jepson Company, with credit terms of 2/10, n/30. The cost of
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On September 12, Vander Company sold merchandise in the amount of $7,600 to Jepson Company, with credit terms of 2/10, n/30. The cost of the items sold is $5,800. Vander uses the periodic inventory system and the gross method of accounting for sales. The journal entry or entries that Vander will make on September 12 is (are): Multiple Choice Credit Account Title Sales Accounts Receivable Debit 7,600 7,600 O Credit Debit 7,600 Account Title Sales Accounts Receivable cost of Goods Sold Merchandise Inventory 7,600 5,800 5,800 7,600 Accounts Receivable Cost of Goods Sold Merchandise Inventory 5,800 5,800 Debit Credit Account Title Accounts Receivable Sales 7,600 7,600 Credit Debit 7,600 Account Title Accounts Receivable Sales Cost of Goods Sold Merchandise Inventory 7,600 5,800 5,800 Credit Account Title Accounts Receivable Sales Debit 5,800 5,800 Step by Step Solution
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