Engine Central had the following sales transactions in December: Dec. 4 ...
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Accounting
Engine Central had the following sales transactions in December:
| Dec. | 4 | Sold $5,600 of merchandise on account to Mos Motors, terms 2/15, net 30. Cost $2,800. | |
| 7 | Mo returned $1,600 of merchandise to Engine Central because he changed his mind and wanted to order a different type of engine. Cost $800. | ||
| 16 | Mo paid the balance owing to Engine Central. |
Prepare the journal entries to record the sales transactions on the books of Engine Central using a perpetual inventory system and the earnings approach for revenue recognition Prepare the journal entries to record the sales transactions on the books of Engine Central using a periodic inventory system and the earnings approach for revenue recognition.
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