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Question 5: (12 marks) On June 6th, Dime Corp. sold merchandise on account to Quarter Inc. for $8,000, terms 1/10, n/45. The merchandise originally cost
Question 5: (12 marks) On June 6th, Dime Corp. sold merchandise on account to Quarter Inc. for $8,000, terms 1/10, n/45. The merchandise originally cost Dime $2,000. Quarter plans resell the merchandise to their customers. On June 10th, Quarter paid the amount due. Both Dime and Quarter use a perpetual inventory system. Required (parts a & b) a) Prepare the journal entries on Dime Corp's books to record the sale and related collection. You may omit explanations. June 6th. June 10th. b) Prepare the journal entries on Quarter Inc.'s books to record the purchase and related payment. You may omit explanations. June 6th. June 10th
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