DOUBLE CHECK THE ANSWER please Journalize the following transactions for Lewis Company using the...
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DOUBLE CHECK THE ANSWER please
Journalize the following transactions for Lewis Company using the gross method of accounting for sales discounts. Assume a perpetual inventory system. Also, assume a constant gross profit ratio for all items sold. Make sure to enter the day for each separate transaction. December 1 Sold goods costing $7,200 to Martin Company on account, $12,000, terms 5/10, n/30. December 7 Martin Company was granted an allowance of $840 for returned merchandise that was previously purchased on account. The returned goods are damaged and have no scrap value. December 12 Received the amount due from Martin Company. Date Account Title Debit Credit $ 2
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