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On January 15, a business sells merchandise inventory on credit to a customer for $11,000. The terms of the sale are 2%/10, net 30. The
- On January 15, a business sells merchandise inventory on credit to a customer for $11,000. The terms of the sale are 2%/10, net 30. The cost of the inventory to the business was $8,000. The business uses the perpetual inventory system.
- Prepare any necessary journal entries to record the sale January 15.
- On January 17, the customer returns $1,000 of merchandise inventory from the January 15 sale. The cost of the inventory to the business was $727 and it was returned in good condition. Prepare any necessary journal entries to record the return on January 17.
- On January 22, the business receives payment from the customer for the entire amount due on the January 15 sale. Prepare any necessary journal entries to record the receipt on January 22.
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Fundamentals of Investments Valuation and Management
Authors: Bradford D. Jordan, Thomas W. Miller
5th edition
978-007728329, 9780073382357, 0077283295, 73382353, 978-0077283292
