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Journalize the following sales transactions for SandmanSandman Camera Store using the periodic inventory system. Explanations...

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Question

Accounting

Journalize the following sales transactions for

SandmanSandman

Camera Store using the periodic inventory system. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries.)

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Dec.Dec.

3:

SandmanSandman

sold

$44,800

of camera equipment on account, credit terms are

33/15,

n/EOM.

Date

Accounts

Debit

Credit

Dec. 3

Accounts Receivable

44800

Sales Revenue

44800

Dec.Dec.

5:

SandmanSandman

received a

$ 900$900

sales return on damaged goods from the customer.

Date

Accounts

Debit

Credit

Dec. 5

Accounts Payable

900

Merchandise Inventory

Dec.Dec.

17:

SandmanSandman

receives payment from the customer on the amount due, less the return and discount.

Date

Accounts

Debit

Credit

Dec. 17

Accounts Receivable

43900

Merchandise Inventory

Answer & Explanation Solved by verified expert
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