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How to solve this? Styles Exercise 1 a. Journalize the following transaction I 1. Purchased merchandise for cash KD 2,500. 2. Sold merchandise for cash
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Styles Exercise 1 a. Journalize the following transaction I 1. Purchased merchandise for cash KD 2,500. 2. Sold merchandise for cash KD4,500. Cost of merchandise sold KD2,000. 3. Purchased merchandise inventory on account KD 10,000. Credit terms 2/10,n/30. 4. Returned KD 100 of the merchandise purchased in [1] 5. Returned KD500 of the merchandise purchased in (3) 6. Paid the full amount owed from [3] within the discount period. 7. Sold merchandise inventory on account for KD15,000. Cost of merchandise sold KD 5,500 8. Gave KD 500 allowance to the customer from [71 9. Received the payment within the discount period from the customer from [7]. b. What is the gross profit from the above transactions
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