Merchandise with a list price of $4,200 and costing $2,300 is sold on account, subject...
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Accounting
Merchandise with a list price of $ and costing $ is sold on account, subject to the following terms: FOB destination, The seller prepays the freight costs of $debit Delivery Expense for the freight costs Prior to payment for the goods, the seller issues a credit memo for $ to the customer for merchandise costing $ that is returned. Payment is received within the credit period. The company uses a perpetual inventory system. Journalize the foregoing transactions of the seller in the following sequence: a Sold the merchandise, recognizing the sale and cost of goods sold. b Paid the freight charges. c Issued the credit memo. d Received payment from the customer. If an amount box does not require an entry, leave it blank. a Inventory b Delivery Expense Cash c Sales Returns and Allowances Inventory Previous Next All work saved. 
Merchandise with a list price of $ and costing $ is sold on account, subject to the following terms: FOB destination, The seller prepays the freight costs of $debit Delivery Expense for the freight costs Prior to payment for the goods, the seller issues a credit memo for $ to the customer for merchandise costing $ that is returned. Payment is received within the credit period. The company uses a perpetual inventory system.
Journalize the foregoing transactions of the seller in the following sequence:
a Sold the merchandise, recognizing the sale and cost of goods sold.
b Paid the freight charges.
c Issued the credit memo.
d Received payment from the customer.
If an amount box does not require an entry, leave it blank.
a
Inventory
b Delivery Expense
Cash
c
Sales Returns and Allowances
Inventory
Previous
Next
All work saved.
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You can see the logs in the Dashboard.