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Prepare journal entries to record each of the following sales transactions of EcoMart Merchandising. EcoMart uses a perpetual inventory system and the gross method. Oct.
Prepare journal entries to record each of the following sales transactions of EcoMart Merchandising. EcoMart uses a perpetual inventory system and the gross method.
Oct. | 1 | Sold fair trade merchandise for $2,400, with credit terms n/30, invoice dated October 1. The cost of the merchandise is $1,350. | ||
6 | The customer in the October 1 sale returned $240 of fair trade merchandise for full credit. The merchandise, which had cost $135, is returned to inventory. | |||
9 | Sold recycled leather merchandise for $1,150, with credit terms of 1/10, n/30, invoice dated October 9. Cost of the merchandise is $810. | |||
11 | Received payment for the amount due from the October 1 sale less the return on October 6. |
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