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January 18: Sold merchandise on account to Capetown Co., invoice no. 3, $800. The cost of the merchandise was $480. Begin by recording the sale portion of the entry. Do not record the cost of the sale yet. We will do that in the following step. Date Jan. 18 Date Account Titles Jan. 18 January 18: Sold merchandise on account to Capetown Co., invoice no. 3, $800. The cost of the merchandise was $480. Record the cost of the sale. Debit Account Titles Credit Debit Credit

January 18: Sold merchandise on account to Capetown Co., invoice no. 3, $800. The cost of the merchandise was $480. Begin by recording the sale portion of the entry. Do not record the cost of the sale yet. We will do that in the following step. Date Jan. 18 Date Account Titles Jan. 18 January 18: Sold merchandise on account to Capetown Co., invoice no. 3, $800. The cost of the merchandise was $480. Record the cost of the sale. Debit Account Titles Credit Debit Credit

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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January 18: Sold merchandise on account to Capetown Co., invoice no. 3, $800. The cost of the merchandise was $480. Begin by recording the sale portion of the entry. Do not record the cost of the sale yet. We will do that in the following step. Account Titles Date Jan. 18 Date January 18: Sold merchandise on account to Capetown Co., invoice no. 3, $800. The cost of the merchandise was $480. Record the cost of the sale. Jan. 18 Debit Account Titles Credit Debit Credit
Transcribed Image Text:January 18: Sold merchandise on account to Capetown Co., invoice no. 3, $800. The cost of the merchandise was $480. Begin by recording the sale portion of the entry. Do not record the cost of the sale yet. We will do that in the following step. Account Titles Date Jan. 18 Date January 18: Sold merchandise on account to Capetown Co., invoice no. 3, $800. The cost of the merchandise was $480. Record the cost of the sale. Jan. 18 Debit Account Titles Credit Debit Credit
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