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Need some help with this question along with some brief step by step. thank you Record the following transactions of Fashion Park in a general
Need some help with this question along with some brief step by step. thank you
Record the following transactions of Fashion Park in a general journal. Fashion Park must charge 7 percent sales tax on all sales. The company uses the perpetual inventory system. (Round your intermediate calculations and final answers to the nearest whole dollar value.) DATE 2a19 Apr i I 2 4 6 TRANSACTIONS Sold merchandise for cash, $2, 700 plus sales tax. The cost of merchandise sold was $1,7e. The customer purchasing merchandise for cash on April 2 returned $350 of the merchandise; provided a cash refund to the customer. The cost of returned merchandise was $250. Sold merchandise on credit to Jordan Clark; issued Sales Slip 908 for $1, 250 plus tax, terms n/3a. The cost of the merchandise sold was $1, 250. Accepted return of merchandise from Jordan Clark; issued Credit memorandum 302 for $250 plus tax. The original sale was made on Sales Slip 908 of April 4. The cost of returned was $290. Received payment on account from Jordan Clark in payment of her purchase of April 4, less the return on April 6.
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