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can't find the GPP #4 Cycle Wholesaling sells merchandise on credit terms of 2/10, n/30. A sale for $1,250 (cost of goods sold of $725)
can't find the GPP #4
Cycle Wholesaling sells merchandise on credit terms of 2/10, n/30. A sale for $1,250 (cost of goods sold of $725) was made to Sarah's Cycles on February 1. Assume Cycle Wholesaling uses a perpetual inventory system. Required 1. to 3. Record the entry for sales, cost of goods sold and cash collected on February 9 and March 2. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet No Date General Journal Debit Credit 1February 01 Accounts Receivable 1.250 Sales Revenue 1,250 2 February 01 Cost of Goods Sold 725 inventory 725 3February 09 Cash 1 225 Sales Discounts Accounts ReceivableStep by Step Solution
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