Recording Accounts Receivable On February 4, Campbell Company sells inventory to a customer for $6,000....
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Accounting
Recording Accounts Receivable
On February 4, Campbell Company sells inventory to a customer for $6,000. Terms of the sale are 1/15, net 30. On February 10, the customer returns $500 of merchandise. The customer pays on February 15.
REQUIRED: Prepare all journal entries to record the merchandise sale, its return, and the collection of the receivable using T Accounts. Ignore any effects on inventory or cost of goods sold.
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