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Journalize the following transactions for Harris Company using the gross method of accounting for sales discounts. Assume a perpetual inventory system. Also, assume a constant
Journalize the following transactions for Harris 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. June 6 Sold goods costing $9,000 to Alexander Company on account, $15,000, terms 4/10, n/30. June 12 Alexander Company was granted an allowance of $2, 850 for returned merchandise that was previously purchased on account. The returned goods are damaged and have no scrap value. June 17 Received the amount due from Alexander Company
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