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Show all work and calculations please! 1. Record the foregoing transactions in the journal of Modern Interiors using the gross method. (You do not need
Show all work and calculations please!
1. Record the foregoing transactions in the journal of Modern Interiors using the gross method. (You do not need to make the cost of sales journal entries; assume that these entries will be made by the company when it makes its other adjusting entries at period end.) 2. Calculate the amount of gross sales minus sales discounts for the month of September. Requirement 1. Record the foregoing transactions in the journal of Modern Interiors using the gross method. (You do not need to make the cost of sales journal entries; assume that these entries will be made by the company when it makes its other adjusting entries at period end.) (Record debits first, then credits. Exclude explanations from any journal entries.) Sep 2: Sold merchandise on account to Tom Brown, $700, terms 2/10, n/30. Sep 10: Sold merchandise on account to Bruce Oxford, $2,300, terms 3/10,n/30. Sep 11: Collected payment from Brown for the September 2 sale. Sep 15: Oxford returned $1,700 of the merchandise purchased on September 10. Sep 19: Collected payment from Oxford for the balance of the September 10 sale. Requirement 2. Calculate the amount of gross sales minus sales discounts for the month of SeptemberStep by Step Solution
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