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On June 1, Nour Company sells goods for 11600 to Ahmad Company, with terms of 2/10, n/30. The cost of goods sold is 6000. On
On June 1, Nour Company sells goods for 11600 to Ahmad Company, with terms of 2/10, n/30. The cost of goods sold is 6000. On July 4, Ahmad return some of goods, the selling price of goods returned is 3000, with cost of 2000. If Nour use the periodic inventory system the entry or entries that must make on July 4 is: Sales returns and allowances 3000 Accounts receivable.......... ....3000 Merchandise inventory............... 2000 Cost of goods sold................... 2000 Sales returns and allowances 3000 Accounts receivable....................3000 None of the above
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