Illustrate the effects on the accounts and financial statements of recording the following transactions: a....
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Accounting
Illustrate the effects on the accounts and financial statements of recording the following transactions:
a. Sold merchandise for cash, $18,500. The cost of the merchandise sold was $11,000.
b. Sold merchandise on account, $12,000. The cost of the merchandise sold was $7,200.
c. Sold merchandise to customers who used MasterCard and VISA, $115,200. The cost of the merchandise sold was $70,000.
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