MODULE 5 CH 7 INVENTORY PERIODIC METHOD HOMEWORK A dollar amount is not necessary.  Would you please tell me how to record this transaction, what accounts are debited and credited in the periodic method. "Received a check on May 15th"

Financial & Managerial Accounting
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ISBN:9781285866307
Author:Carl Warren, James M. Reeve, Jonathan Duchac
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Chapter5: Accounting For Merchandising Businesses
Section: Chapter Questions
Problem 5.32EX
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MODULE 5 CH 7 INVENTORY PERIODIC METHOD HOMEWORK

A dollar amount is not necessary.  Would you please tell me how to record this transaction, what accounts are debited and credited in the periodic method.

"Received a check on May 15th"

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