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Journalize the following transactions for Anderson Company using the gross method of accounting for sales discounts. Assume a perpetual inventory system. Also, assume a constant
Journalize the following transactions for Anderson Company using the gross method of accounting for sales discounts. Assume a perpetual inventory system. Also, assume a constant gross profit ratio for all items sold. Make sure to enter the day for each separate transaction. December 3 Sold goods costing $4, 560 to Sanchez Company on account, $7, 600, terms 2/10, n/30. December 9 Sanchez Company was granted an allowance of $1, 900 for returned merchandise that was previously purchased on account. The returned goods are in perfect condition. December 13 Received the amount due from Sanchez Company
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