Answered: Sold Merchandise for $5,000 to Lee Corp…

Sold Merchandise for $5,000 to Lee Corp on account on December 9. Cost of the merchandise was $3,390 and the terms of the sale were 1/15, n/30.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 17MC: Sold goods for $650, credit terms net 30 days. Which journal would the company use to record this...

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Question

Read through the information below for selected transactions during the month of December, 2021 and prepare the required jounal entry to record the transaction. Post each of the entries below to the general ledger T-accounts attached .

Sold Merchandise for $5,000 to Lee Corp on account on December 9. Cost of the merchandise was $3,390 and the terms of the sale were 1/15, n/30.

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