Question
Journalize the following transactions for Reed Company. Assume a perpetual inventory system. Also, assume a constant gross profit ratio for all items sold. Make sure
Journalize the following transactions for Reed Company. 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.
| April | 6 | Sold goods costing $3,000 to Bennett Company for cash, $5,000. | |
| April | 12 | Bennett Company returned undamaged merchandise, purchased on April 6, for a cash refund, $630. |
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Auditing And Assurance Services
Authors: Timothy Louwers, Penelope Bagley, Allen Blay, Jerry Strawser, Jay Thibodeau
8th International Edition
1260570517, 978-1260570519
