Sales transactions Journalize the following merchandise transactions: Question Content Area a. ...
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Sales transactions Journalize the following merchandise transactions: Question Content Area a Sold merchandise on account, $ with terms n The cost of the goods sold was $ If an amount box does not require an entry, leave it blank. blankAccountDebitCredit blank Accounts Receivable Sales blank Cost of Goods Sold Inventory Feedback Area Feedback a When the perpetual inventory system is used, two entries are recorded each time a sale is made. In the first entry, accounts receivable and the sale are recorded. A second entry records the cost of the merchandise sold and the reduction of inventory on hand. Question Content Area b Received payment. If an amount box does not require an entry, leave it blank. blankAccountDebitCredit blank Feedback Area Feedback b Since there is no early payment discount offered, the amount received is the full amount in the Accounts Receivable for that customer. Question Content Area c Refunded $ to customer for defective merchandise that was not returned. If an amount box does not require an entry, leave it blank. blankAccountDebitCredit blank
Sales transactions
Journalize the following merchandise transactions:
Question Content Area
a Sold merchandise on account, $ with terms n The cost of the goods sold was $ If an amount box does not require an entry, leave it blank.
blankAccountDebitCredit
blank
Accounts Receivable
Sales
blank
Cost of Goods Sold
Inventory
Feedback Area
Feedback
a When the perpetual inventory system is used, two entries are recorded each time a sale is made. In the first entry, accounts receivable and the sale are recorded. A second entry records the cost of the merchandise sold and the reduction of inventory on hand.
Question Content Area
b Received payment. If an amount box does not require an entry, leave it blank.
blankAccountDebitCredit
blank
Feedback Area
Feedback
b Since there is no early payment discount offered, the amount received is the full amount in the Accounts Receivable for that customer.
Question Content Area
c Refunded $ to customer for defective merchandise that was not returned. If an amount box does not require an entry, leave it blank.
blankAccountDebitCredit
blank
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