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Journalize the following transactions for Moore Company using the gross method of accounting for sales discounts. Assume a perpetual inventory system. Also, assume a constant
Journalize the following transactions for Moore 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. July 10 Sold goods costing $3, 600 to James Company on account, $6,000, terms 2/10, n/30. July 16 James Company was granted an allowance of $600 for returned merchandise that was previously purchased on account. The returned goods are in perfect condition. July 20 Received the amount due from James Company
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