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Prepare the necessary journal entries to record the following transactions, assuming Lewis Company uses a perpetual inventory system. 1. April 1st Lewis sells $40,000
Prepare the necessary journal entries to record the following transactions, assuming Lewis Company uses a perpetual inventory system. 1. April 1st Lewis sells $40,000 of merchandise, terms 1/10, n/30. The merchandise cost $30,000. 2. April 5th The customer in (1) returned $4,000 of merchandise to Lewis. The merchandise returned cost $3,000. 3. April 11th Lewis received the balance due within the discount period.
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Advanced Financial Accounting
Authors: Thomas Beechy, Umashanker Trivedi, Kenneth MacAulay
6th edition
013703038X, 978-0137030385
