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Will upvote if correct! Selected transactions follow for Springfield Sports Ltd. during the company's first month of business. The company expects a return rate of
Will upvote if correct! Selected transactions follow for Springfield Sports Ltd. during the company's first month of business. The company expects a return rate of 8% and uses a perpetual inventory system. Feb, 2 Sold $1,141 of merchandise to Andrew Noren on account, terms n/30. The goods had cost 5 pringfield $764. 4. Andrew Noren returned for credit $139 of the merchandise purchased on February 2. The goods had cost Springfield $84 and they were returned to inventory. 5 Sold $763 of merchandlse to Dong Corporation on account, terms N/30. The goods had cost 5pringfield$493, 8 Sold $834 of merchandise to Michael Collins for cash. The goods had cost 5 pringfield $626. 10 Sold $919 of merchandise to Rafik Kurii on account, terms rva0. The goods had cost Springfield $681. 22 Dong Corporation paid its account in full. 24. Andrew Noren purchased an additional $697 of merchandise on account, terms n/30. The goods had cost Springfield $411. 27 Sold $1,725 of merchandise to Batstone Corporation, terms n/30. The goods had cost Springfield $1,099. 28 Andrew Noren paid $1,002 on account: Set up T accounts for the Accounts Receivable general ledger (control) account and for the Accounts Receivable subsidlary ledger accounts. Post the journal entries to these accounts. (Post entries in the order of joumal entries presented in the previous part.) General Ledger Control Account
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