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@ X - More Info Mar. 1 Masco Supply sold merchandise inventory for $2,800. The cost of the inventory was $840. The customer paid cash. Masco Supply was running a promotion and the customer received a $50 award at the time of sale that can be used at a future date on any Masco Supply merchandise. 3 Sold $7,000 of supplies on account, credit terms are 1/10, n/45, FOB destination. Cost of goods is $2,100. 10 Received payment from the customer on the amount due from March 3, less the discount. 15 The customer used the $50 award when purchasing merchandise inventory for $250, the cost of the inventory was $75. The customer paid cash. Apr. Print Done Spring 2020 Section 902 (1) Kaitlin Cavallo | 03/04/20 1:53 PM Save Homework: Chapter 5 part B homework Score: 0 of 1 pt 5 of 8 (4 complete) E5A-28 (similar to) HW Score: 44.63%, 3.57 of 8 pts Question Help Journalize the following sales transactions for Masco Supply. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries Assume the perpetual inventory method is used and that the company uses the net amount to record sales.) (Click the icon to view the transactions.) Mar. 1: Masco Supply sold merchandise inventory for $2,800. The cost of the inventory was $840. The customer paid cash. Masco Supply was running a promotion and the customer received a $50 award at the time of sale that can be used at a future date on any Masco Supply merchandise Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step. Date Accounts Debit Credit Mar. 1 Choose from any list or enter any number in the input fields and then click Check Answer Check Answers parts b remaining Clear All Check