. Sold merchandise on account, $12,900, with terms 2/10, net 30 on December 26. The cost of the goods sold was $8,385. b. Received payment on December 31 within the discount period. Required Journalize the above merchandise transactions. The company uses the perpetual inventory system. Refer to the Chart of Accounts for exact wording of account titles.
. Sold merchandise on account, $12,900, with terms 2/10, net 30 on December 26. The cost of the goods sold was $8,385. b. Received payment on December 31 within the discount period. Required Journalize the above merchandise transactions. The company uses the perpetual inventory system. Refer to the Chart of Accounts for exact wording of account titles.
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter11: Work Sheet And Adjusting Entries
Section: Chapter Questions
Problem 7E: On December 31, Marchant Company took a physical count of its merchandise inventory. It operates...
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a. | Sold merchandise on account, $12,900, with terms 2/10, net 30 on December 26. The cost of the goods sold was $8,385. |
b. | Received payment on December 31 within the discount period. |
Required
Journalize the above merchandise transactions. The company uses the perpetual inventory system. Refer to the Chart of Accounts for exact wording of account titles. |
Chart of Accounts
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General Ledger | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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