Recording sales, returns, and discounts taken LO P 2 Prepare journal entries to record each of the
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Recording sales, returns, and discounts taken LO P
Prepare journal entries to record each of the following sales transactions of a merchandising company. The company uses a perpetual inventory system and the gross method.
April Sold merchandise for $ with credit terms n; invoice dated April The cost of the merchandise is $
April The customer in the April sale returned $ of merchandise for full credit. The merchandise, which had cost $ is returned to inventory.
April Sold merchandise for $ with credit terms of n invoice dated April Cost of the merchandise is $
April Received payment for the amount due from the April sale less the return on April
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