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Analyze the transactions based on the source documents provided using a tabular form. During December, the company completed the following summary transactions: Dec. 6 Paid
Analyze the transactions based on the source documents provided using a tabular form.
During December, the company completed the following summary transactions: Dec. 6 Paid 1,700 for salaries and wages due employees, of which 700 is for December and 1,000 is for November salaries and wages payable. Dec. 8 Received 900 cash from customers in payment of account (no discount allowed). Dec. 10 Sold merchandise for cash 6,000. The cost of the merchandise sold was 4,100. Dec. 13 Purchased merchandise on account from Saturn Co. 9,000, terms 2/10, n/30. Dec. 15 Purchased supplies for cash 5,000. Dec. 18 Sold merchandise on account 15,000, terms 3/10,n/30. The cost of the merchandise sold was 7,400. Dec. 20 Paid salaries and wages 2,200. Dec. 23 Paid Saturn Co. in full, less discount. Dec.27 Received collections in full, less discounts, from customers billed on December 18Step by Step Solution
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