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Southeastern Company sold merchandise for $4,450 to Northern Company on account. The cost of goods sold was $1,185. Southeastern Company uses a perpetual inventory system
Southeastern Company sold merchandise for $4,450 to Northern Company on account. The cost of goods sold was $1,185. Southeastern Company uses a perpetual inventory system and special journals. The $4,450 is recorded as an entry in the general journal O Accounts Receivable DR, Sales Revenue CR column of the sales journal Merchandise Inventory DR column of the purchases journal Accounts Receivable CR column of cash receipts journal
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