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On September 12. Vandelay Industries sold merchandise in the amount of $5,800 to Jepson Company, with credit terms of 2/10, n/30 The cost of the
On September 12. Vandelay Industries sold merchandise in the amount of $5,800 to Jepson Company, with credit terms of 2/10, n/30 The cost of the items sold is $4,000. Vandelay uses the periodic inventory system and the gross method of accounting for sales. The joumal entry or entries that Vandelay will make on September 12 is (are) O Account Title Debit Credit Accounts Receivable 5,800 Sales 5,800 Cost of Goods Sold 4.000 Account Tide Sales Sales Merchandise Inventory Accounts Receivable 4.000 O Account Tile Accounts Receivable 4,000 Debit Credit 4,000 Debit Credit 5800 5.000 Account Tide Debit Credit Sales 5800 Accounts Receivable 5,000 Cost of Goods Sold 4,000 Account Title Merchandise Inventory 4,000 Accounts Receivable 5.000 Sales Debit Credit) 5,800
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