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Hello, I need help ASAP! Thank you! Marin Compary sold $78,000 worth of goods on account to Destiny Inc, on June 20 . It cost
Hello, I need help ASAP! Thank you!
Marin Compary sold $78,000 worth of goods on account to Destiny Inc, on June 20 . It cost Marin $51,900 to make these goods. Destimy has 30 days to return the goods for any reason. On July 1, Destiny returns $7,300 worth of goods that had cost Marin $4,900. Marin expects to be able to resell these goods for a profit. Prepare the following entries on the books of Marin Company: Journal entries to record the initial sales on June 20 if a perpetual inventory system is used, (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries) Journal entries to record the return of goods on July 1 if a perpetual inventory system is used. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Step by Step Solution
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