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Prepare journal entries for December 2014 to record the following transactions for ABC Inc. Assume a perpetual inventory system. Enter the transaction letter as the
Prepare journal entries for December 2014 to record the following transactions for ABC Inc. Assume a perpetual inventory system. Enter the transaction letter as the description when preparing a journal entry. When a transaction requires two separate journal entries, use the same letter for both descriptions. Dates must be entered in the format dd/mmm (ie. 15/Jan). a. December 5: ABC Inc.'s merchandise that cost $5,355 was sold to Holden Corp. for $6,300 under credit terms of n/30, FOB shipping point. b. December 5: ABC Inc.'s merchandise was sold to Zcom Inc. for $7,000 under credit terms of n/30, FOB shipping point. The cost of the merchandise was $5,600. c. December 7: ABC Inc. sold merchandise to XYZ Corporation that cost $8,160 for $9,600 cash. d. December 7: Issued a $1,100 credit memorandum to Holden Corp. for an allowance on goods sold on December 5. e. December 11: Received Zcom Inc.'s payment of the amount due from the December 5 sale. f. December 30: Received the balance due from Holden Corp. for the sale dated December 5. Please use the '+' and '-" buttons to change the number of accounts (if necessary) for each journal entry. General Journal Page GJS Date Account/Explanation F Debit Credit + -1 + -11 + + - +
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