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The following transactions are for Kale Company. (1) On December 3 Kale Company sold $500,000 of merchandise to Thomson Co, terms 1/10,n/30. The cost of
The following transactions are for Kale Company. (1) On December 3 Kale Company sold $500,000 of merchandise to Thomson Co, terms 1/10,n/30. The cost of the merchandise sold was $320,000. (2) On December 8 Thomson Co, was granted an allowance of $20,000 for merchandise purchased on December 3 . (3) On December 13 Kale Company received the balance due from Thomson Co. (a) Prepare the journal entries to record these transactions on the books of Kale Company. Kale uses a perpetual inventory system. (Credit occount titles are automatically indented when the amount is entered Do not indent manually. Record journal entries in the order presented in the problem.)
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