The following merchandise transactions occurred during December. Fiasco Incorporated uses a perpetual inventory system. On December 15, Fiasco Inc. sold merchandise costing $160,000 to Triple D Ranch for $280,000, terms 1/10, n/30. On December 24, Fiasco Inc. received payment from Triple D Ranch. REQUIRED: Prepare the journal entries to record these transactions on the books of Fiasco Incorporated. Date FIASCO INCORPORATED GENERAL JOURNAL Account Debit Credit ha

The following merchandise transactions occurred during December. Fiasco incorporated uses il perpectual inventory system. - On December 15, Fiasco Ine, sold merchandise costing $160,000 to Triple D Ranch for $280,000,1 trms 1/10,n/30. - On December 24, Fiasco Inc. received payment from Triple D Ranch. REQUIRED: Prepare the journal entries to record these transactions on the books of Fiasco Incorporated. The following merchandise transactions occurred during December. Fiasco Incorporated uses a perpetual inventory system. - On December 15, Fiasco Inc. sold merchandise costing $160,000 to Triple D Ranch for $280,000, term 1/10,n/30. - On December 24, Fiasco Inc. received payment from Triple D Ranch. REQUIRED: Prepare the joumal entries to record these transactions on the books of Fiasco Incorporated