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Our company uses a perpetual inventory system. On July 3, we sold merchandise with a cost of $3,300 for $6,600 to a customer on account.

Our company uses a perpetual inventory system. On July 3, we sold merchandise with a cost of $3,300 for $6,600 to a customer on account. The terms of the sale were 2/10, n/30. What account and amount would we credit to record the cost of goods sold for this transaction?

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