Question
) Journalize the following transactions for a merchandiser that uses the perpetual inventory system. Please show explanations. On January 8, inventory was sold for $7,000
) Journalize the following transactions for a merchandiser that uses the perpetual inventory system. Please show explanations.
On January 8, inventory was sold for $7,000 on account. Credit terms were 2/15, n/30 (cost $5,500). On January 27, cash was received in full settlement of the January 8 sale. (10 points)
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| Jan. 27 |
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College Accounting Chapters 1-29
Authors: John J. Wild, Vernon J. Richardson, Ken W. Shaw
2nd Edition
0077398173, 978-0077398170
