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Feb. 10: Sold merchandise inventory on account for S4,300. Payment terms were 3/15, n/30. These goods cost the company S2,150. Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step. Date Accounts Debit Credit Feb. 10 Accounts Receivable Sales Revenue

Feb. 10: Sold merchandise inventory on account for S4,300. Payment terms were 3/15, n/30. These goods cost the company S2,150. Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step. Date Accounts Debit Credit Feb. 10 Accounts Receivable Sales Revenue

FINANCIAL ACCOUNTING
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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Feb. 10: Sold merchandise inventory on account for $4,300. Payment terms were 3/15, n/30. These goods cost the company $2,150. Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step. Date Accounts Debit Credit Feb. 10 Accounts Receivable Sales Revenue
Transcribed Image Text:Feb. 10: Sold merchandise inventory on account for $4,300. Payment terms were 3/15, n/30. These goods cost the company $2,150. Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step. Date Accounts Debit Credit Feb. 10 Accounts Receivable Sales Revenue
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