M - a WAG i QUICK STUDY 058-1 Entries for sale on credit and subsequent collection L01 Journalize the following transactions for Kimmel Company (assume a perpetual inventory system); a. On March 1. Kimmel Company sold 540,000 of merchandise costing 532.000 on credit terms of n/30 to JP Holdings b. On March 27. JP Holdings paid its account in full M - a WAG i QUICK STUDY 058-1 Entries for sale on credit and subsequent collection L01 Journalize the following transactions for Kimmel Company (assume a perpetual inventory system); a. On March 1. Kimmel Company sold 540,000 of merchandise costing 532.000 on credit terms of n/30 to JP Holdings b. On March 27. JP Holdings paid its account in full