Journalize each of the following transactions assuming a perpetual inventory system. April 5 Sold merchandise to a customer for $7,400; terms 1/10, n/30 (cost of sales $4, 680). 7 Made a cash sale of $5,700 of merchandise to a customer today (cost of sales $3,660). Sold merchandise for $13,000; terms 1/10, n/30 (cost of sales $8,040). 15 Collected the amount owing from the credit customer of April 5. May 4 The customer of April 8 paid the balance owing.

Journalize each of the following transactions assuming a perpetual inventory system. April 5 Sold merchandise to a customer for $7,400; terms 1/10, n/30 (cost of sales $4, 680). 7 Made a cash sale of $5,700 of merchandise to a customer today (cost of sales $3,660). Sold merchandise for $13,000; terms 1/10, n/30 (cost of sales $8,040). 15 Collected the amount owing from the credit customer of April 5. May 4 The customer of April 8 paid the balance owing.

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Description: Journalize each of the following transactions assuming a perpetual inventory system. April5 Sold merchandise to a customer for $7,400; terms 1/10, n/30 (cost of sales $4, 680). 7Made a cash sale of $5,700 of merchandise to a customer today (cost of

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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Subject : Accounting
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