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QS 8-1 Entries for sale on credit and subsequent collection LO1 Journalize the following transactions for Kimmel Company (assume a perpetual inventory system): a.

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QS 8-1 Entries for sale on credit and subsequent collection LO1 Journalize the following transactions for Kimmel Company (assume a perpetual inventory system): a. On March 1, Kimmel Company sold $40,000 of merchandise costing $32,000 on credit terms of n/30 to JP Holdings. b. On March 27, JP Holdings paid its account in full.

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