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Prepare journal entries for the following merchandising transactions for Tucker Store. Tucker uses the perpetual inventory system and the gross method of recording invoices. All
Prepare journal entries for the following merchandising transactions for Tucker Store. Tucker uses the perpetual inventory system and the gross method of recording invoices. All customers receive credit terms 3/15,n/60 September 7: Sold merchandise inventory to Bernie Smith for $10,200, FOB shipping point. The inventory had a cost to Tucker of $8,350. September 18: Bernie Smith contacted Tucker regarding defective inventory they had received. Tucker offered to give Bernie Smith a $500 allowance to keep the defective merchandise. Bernie Smith agreed to the allowance. September 30: Tucker Store received full payment from Bernie Smith for the amount owed less the allowance
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