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Prepare journal entries to record each of the following sales transactions of a merchandising company. The company uses a perpetual inventory system and the gross
Prepare journal entries to record each of the following sales transactions of a merchandising company. The company uses a perpetual inventory system and the gross method. ALL OF THE ENTRIES NEEDED PLEASE
Prepare journal entries to record each of the following sales transactions of a merchandising company. The company uses a perpetual inventory system and the gross method. April 1 Sold merchandise for $7,000, with credit terms n/30; invoice dated April 1. The cost of the merchandise is $4,200. April 4 The customer in the April 1 sale returned $780 of merchandise for full credit. The merchandise, which had cost $468, is returned to inventory. April 8 Sold merchandise for $3,000, with credit terms of 1/10, n/30; invoice dated April 8. Cost of the merchandise is $2,100. April 11 Received payment for the amount due from the April 1 sale less the return on April 4. View transaction list Journal entry worksheet Sold merchandise for $3,000, with credit terms of 1/10, n/30. Note: Enter debits before credits. General Journal Debit Credit Date Apr 08 Record entry Clear entry View general journalStep by Step Solution
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