Prepare the second journal entry is to record the cost part.Note: Enter debits before credits.DateApril 04General JournalDebitCredit A seller uses a perpetual inventory system and on April 4 it sells $5,000 in merchandise with a cost of $2,400 to a customer oncredit terms of 3/10, n/30.

Journal entry: It implies to the recording or accounting of the day-to-day financial transactions of…

Answered: A seller uses a perpetual inventory…

A seller uses a perpetual inventory system and on April 4 it sells $5,000 in merchandise with a cost of $2,400 to a customer on credit terms of 3/10, n/30.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 3RE: Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of...

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Question

Prepare the second journal entry is to record the cost part.
Note: Enter debits before credits.
Date
April 04
General Journal
Debit
Credit

A seller uses a perpetual inventory system and on April 4 it sells $5,000 in merchandise with a cost of $2,400 to a customer on
credit terms of 3/10, n/30.

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