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Prepare general journal entries without explanations to record the following transactions: Jan    1     Sold merchandise to Kelly Graham...

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Accounting

Prepare general journal entries without explanations to recordthe following transactions:

Jan    1     Sold merchandiseto Kelly Graham for $1,000 on account. The merchandise cost $600and the company uses a perpetual inventory system and does notexpect any returns.

Feb   1     Received $300 fromGraham.

Jul     1     Wrote offthe balance of Graham’s account as uncollectible.

Sep   1     Unexpectedly receivedpayment in full from Graham.

Answer & Explanation Solved by verified expert
4.1 Ratings (491 Votes)
Date Account Titles Debit Credit 1Jan Accounts receivable 1000 Sales 1000 Cost of goods sold 600 Merchandise inventory 600 1Feb Cash 300    See Answer
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