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Landon Jewelers uses the perpetual inventory system. On April2, Landon sold merchandise with a cost of $2,500 for $10,000 to a customer on account with
Landon Jewelers uses the perpetual inventory system. On April2, Landon sold merchandise with a cost of $2,500 for $10,000 to a customer on account with terms of 3/15, n/30. The journal entry to record the cost of goods sold wouldbe:
Merchandise Inventory 2,500
Cost of Goods Sold 2,500
Cost of Goods Sold 2,500
Accounts Receivable 2,500
Cost of Goods Sold 2,500
Merchandise Inventory 2,500
Sales Revenue 2,500
Cost of Goods Sold 2,500
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