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Adjusting Entry Problem: You discover that a sale of a product was made on account and CMC recorded the sale in December for $86,400. It

Adjusting Entry Problem:

You discover that a sale of a product was made on account and CMC recorded the sale in December for $86,400. It has not been recorded yet. The cost of the product was 55% of its selling price. CMC uses the perpetual inventory method.

There are 2 journal entries that need to be made.

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