9. Using the facts in Problem #7, please do the journal entry for your company selling 250 items of your inventory for $120,000 with the terms 1/10, n/30 on 2/10/19. Note that the "perpetual" and the "periodic" methods use the same account names when selling merchandise. Then do the journal entry for your customer returning $10,000 of the inventory on 2/13/19.

9. Using the facts in Problem #7, please do the journal entry for your company selling 250 items of your inventory for $120,000 with the terms 1/10, n/30 on 2/10/19. Note that the "perpetual" and the "periodic" methods use the same account names when selling merchandise. Then do the journal entry for your customer returning $10,000 of the inventory on 2/13/19.

Name: 9. Using the facts in Problem #7, please do the journal entry for you
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Description: 9. Using the facts in Problem #7, please do the journal entry for your company selling 250items of your inventory for $120,000 with the terms 1/10, n/30 on 2/10/19. Note that the"perpetual" and the "periodic" methods use the same account names when

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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