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your work for full credit. The following merchandise transactions occurred during December. Fiasco Incorporated uses a perpetual inventory system. On December 15, Fiasco Inc.

your work for full credit. 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. FIASCO INCORPORATED GENERAL JOURNAL Date Account Debit Credit

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