LuLu's Library sold 3 books to Sandra M on account for a total of $60....
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Accounting
LuLu's Library sold 3 books to Sandra M on account for a total of $60. The total cost of the books sold was $34. Record the journal entries that would be made for this transaction using a perpetual inventory system. Why are two journal entries required to record the sale of merchandise in a perpetual inventory system? (100-150 words)
Use the information from above. Sandra M returned 1 book. Record the journal entries for this transaction in a perpetual inventory system. Explain why two journal entries are required to record a sales return. (100-150 words)
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