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Feb. 10 Sold merchandise inventory on account for $4,000. Payment terms were 315, 1/30 These goods cost the company $2.000 Begin by preparing the entry
Feb. 10 Sold merchandise inventory on account for $4,000. Payment terms were 315, 1/30 These goods cost the company $2.000 Begin by preparing the entry to jumalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following stap. Date Accounts Feb 10 Accounts Receivable Sales Revenue Debit Credit 300 300 More Info X Purchased $2,800 of merchandise inventory on account under terms Feb. 3 2/10, n/EOM and FOB shipping point. Feb. 7 Returned $300 of defective merchandise purchased on February 3. Feb. 9 Paid freight bill of $500 on February 3 purchase. Sold merchandise inventory on account for $4,000. Payment terms were Feb. 10 3/15, n/30. These goods cost the company $2,000. Paid amount owed on credit purchase of February 3, less the return and Feb. 12 the discount. Feb. 28 Received cash from February 10 customer in full settlement of their debt. erms ction Print Done
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