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Furniture sales company uses the perpetual inventory system and had the following transactions during May 2022. May 1: Sold merchandise on credit for BD7,500,
Furniture sales company uses the perpetual inventory system and had the following transactions during May 2022. May 1: Sold merchandise on credit for BD7,500, to customer Hani, terms 3/10, n/30. The items sold had a cost of BD6,900. May 4: Purchased merchandise for cash BD2,100. May 5: Purchased merchandise for BD4,600 on credit. May 9: Received full amount due from customer Hani. Required: Prepare journal entries to record each of the previous transactions.
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Sale of merchandise on credit Here sale price of merchandise on credit to the customer is BD7500 whe...
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