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A company uses the periodic inventory system and the gross method of accounting for sales. The company had the following transactions. August 2 Sold merchandise
A company uses the periodic inventory system and the gross method of accounting for sales. The company had the following transactions.
August Sold merchandise to a customer, on credit for $ terms The items sold had a cost of $ August The customer returned merchandise that had a selling price of $ The cost of the merchandise returned was $
August Received payment for the merchandise sold on August less any discounts.
Prepare journal entries to record these transactions.
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