December 22 Sold merchandise on account, $14,500, with terms 2/10, net 30. The cost of the goods sold was $9,425. December 31 Received payment within the discount period. Required: Journalize the above merchandise transactions. The company uses the perpetual inventory system. Refer to the Chart of Accounts for exact wording of account titles.
December 22 Sold merchandise on account, $14,500, with terms 2/10, net 30. The cost of the goods sold was $9,425. December 31 Received payment within the discount period. Required: Journalize the above merchandise transactions. The company uses the perpetual inventory system. Refer to the Chart of Accounts for exact wording of account titles.
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter11: Work Sheet And Adjusting Entries
Section: Chapter Questions
Problem 7E: On December 31, Marchant Company took a physical count of its merchandise inventory. It operates...
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December 22 | Sold merchandise on account, $14,500, with terms 2/10, net 30. The cost of the goods sold was $9,425. |
December 31 | Received payment within the discount period. |
Required:
Journalize the above merchandise transactions. The company uses the perpetual inventory system. Refer to the Chart of Accounts for exact wording of account titles. |
Chart of Accounts
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