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Questions 18-21 are all part of the same problem set identified as follows: Below are four transactions for Carlson Company relating to it's inventory during
Questions 18-21 are all part of the same problem set identified as follows: Below are four transactions for Carlson Company relating to it's inventory during July. Prepare the journal entry to record the July 25th transaction below for Carlson Company using the perpetual inventory method. (Omit explanations for the entries.) July 10-purchased on account inventory costing $13,000 terms 2/10 n/30. July 17 - returned inventory costing $3,000 that was purchased on July 10. July 19 - paid for the merchandise purchased on July 10. July 25 - sold inventory costing $5,000 for $10,000 cash. Select one: July 25 Sales Revenue 10,000 Cash 10,000 July 25 Inventory 5,000 Cost of Goods Sold 5,000 b. July 25 Cash 10,000 Inventory 5,000 C July 25 Accounts Receivable 10,000 Sales Revenue 10,000 July 25 Cost of goods sold 5,000 Inventory 5,000 July 25 Cash 10,000 Sales Revenue 10,000
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