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On June 6th, Dime Corp. sold merchandise on account to Quarter Inc. for $8,000, terms 1/10, n/45. The merchandise originally cost Dime $2,000. Quarter plans
On June 6th, Dime Corp. sold merchandise on account to Quarter Inc. for $8,000, terms 1/10, n/45. The merchandise originally cost Dime $2,000. Quarter plans resell the merchandise to their customers. On June 10th, Quarter paid the amount due. Both Dime and Quarter use a perpetual inventory system. Required (parts a & b) a) Prepare the journal entries on Dime Corp's books to record the sale and related collection. You may omit explanations. June 6th. Required (parts a & b) a) Prepare the journal entries on Dime Corp's books to record the sale and related collection. You may omit explanations. June 6th: June 10th: b) Prepare the journal entries on Quarter Inc.'s books to record the purchase and related payment. You may omit explanations. June 6th: June 10th
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