Journalize the following merchandise transactions. The company uses the perpetual inventory system. a. Sold merchandise on account, $13,300 with terms 2/10, net 30. The cost of the goods sold was $8,645. If an amount box does not require an entry, leave it blank. b. Received payment within the discount period. If an amount box does not require an entry, leave it blank.

Journalize the following merchandise transactions. The company uses the perpetual inventory system. a. Sold merchandise on account, $13,300 with terms 2/10, net 30. The cost of the goods sold was $8,645. If an amount box does not require an entry, leave it blank. b. Received payment within the discount period. If an amount box does not require an entry, leave it blank.

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 11E: Assume that the business in Exercise 7-9 maintains a perpetual inventory system. Determine the cost...

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