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April 1: Queen Company sold merchandise inventory for $230 . The cost of the inventory was $115, The customer paid cash. Queen Company was running
April 1: Queen Company sold merchandise inventory for $230 . The cost of the inventory was $115, The customer paid cash. Queen Company was running a promotion and the customer received a $10 award at the time of sale that can be used at a future date on any Queen Company merchandise.
Begin preparing the entry to journalize the sale portion if the transaction. Do not record the expense related to the sale. We will do that in the following step. (Record debits first, then credits, exclude explanations from journal entries)
+assume the company uses a perpectual inventory system.
- these are the transactions
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