Question
On April 1, Moloney Meat Distributers sold merchandise on account to Fronke' s Frank's for $3610 On invoi've 1001, terms 1/10, n/30. The cost of
On April 1, Moloney Meat Distributers sold merchandise on account to Fronke' s Frank's for $3610 On invoi've 1001, terms 1/10, n/30. The cost of merchandise sold was $2220. Payment was received in full from Fronke' s Franks, less discount on April 10. Record the transactions for Moloney Meat Distributers on April 1 and April 10. The company uses the perpetual inventory system.
Record the following on the general journal: 1. On April 1, Moloney Meat Distributers sold merchandise on account to Fronke' s Frank's for $3610 On invoice 1001, terms n/1, n/30. 2. The cost of merchandise sold was $2220. 3. Received payment from Feonke' s Frank's for invoice 1001, dated April1.
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