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E5-5B Presented below are transactions related to Winkler Company. 1. On December 3, Winkler Company sold $400,000 of merchandise to Mark Co., terms 2/10, n/30,

image text in transcribed E5-5B Presented below are transactions related to Winkler Company. 1. On December 3, Winkler Company sold $400,000 of merchandise to Mark Co., terms 2/10, n/30, FOB shipping point. The cost of the merchandise sold was $240,000. 2. On December 5, Mark Co. was granted an allowance of $10,000 for merchandise purchased on December 3 . The merchandise was not returned to Winkler. 3. On December 8, Mark Co. was granted an additional allowance of $10,000 for merchandise returned to Winkler. The merchandise was not defective and was returned to inventory. The original cost of the merchandise was $6,000. 4. On December 13, Winkler Company received the balance due from Mark Co. Instructions (a) Prepare the journal entries to record these transactions on the books of Winkler Company using a perpetual inventory system. (b) Assume that Winkler Company received the balance due from Mark Co. on January 2 of the following year instead

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