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Journalize the following transactions for the seller, Mitchell Company, using the gross method to account for sales discounts. Assume a perpetual inventory system. Make sure to enter the day for each separate transaction. November 4 Sold goods costing $6,600 to Watson Company on account, $11,000, terms 2/10, n/30. The goods are sold EQB shipping point. freight preg by seller, $470. November 10 Watson Company returned damaged merchandise previously purchased on account, $2,600. November 14 Received the amount due from Watson Company, Note: The entry to record the shipping payment to the delivery company is not required in this problem.

Journalize the following transactions for the seller, Mitchell Company, using the gross method to account for sales discounts. Assume a perpetual inventory system. Make sure to enter the day for each separate transaction. November 4 Sold goods costing $6,600 to Watson Company on account, $11,000, terms 2/10, n/30. The goods are sold EQB shipping point. freight preg by seller, $470. November 10 Watson Company returned damaged merchandise previously purchased on account, $2,600. November 14 Received the amount due from Watson Company, Note: The entry to record the shipping payment to the delivery company is not required in this problem.

College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
12th Edition
ISBN:9781305084087
Author:Cathy J. Scott
Publisher:Cathy J. Scott
Chapter10: Cash Receipts And Cash Payments
Section: Chapter Questions
Problem 5PA: The following transactions were completed by Nelsons Boutique, a retailer, during July. Terms on...
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answer in text form please (without image),   Note: .Every entry should have narration please

Journalize the following transactions for the seller, Mitchell Company, using the gross method to account for sales discounts. Assume a perpetual inventory system. Make sure to enter the day for each separate transaction. November 4 Sold goods costing $6,600 to Watson Company on account, $11,000, terms 2/10, n/30. The goods are sold EOB shipping point, freight prepaid by seller, $470. November 10 November 14 Watson Company returned damaged merchandise previously purchased on account, $2,600. Received the amount due from Watson Company, Note: The entry to record the shipping payment to the delivery company is not required in this problem. Date Account Title Debit Credit
Transcribed Image Text:Journalize the following transactions for the seller, Mitchell Company, using the gross method to account for sales discounts. Assume a perpetual inventory system. Make sure to enter the day for each separate transaction. November 4 Sold goods costing $6,600 to Watson Company on account, $11,000, terms 2/10, n/30. The goods are sold EOB shipping point, freight prepaid by seller, $470. November 10 November 14 Watson Company returned damaged merchandise previously purchased on account, $2,600. Received the amount due from Watson Company, Note: The entry to record the shipping payment to the delivery company is not required in this problem. Date Account Title Debit Credit
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