Journalize the following transactions. Assume the perpetual inventory system. (Record debits first, then credits. Exclude explanations from journal entries.) December 4: Sold merchandise for $450 cash. The cost of merchandise was $350. Begin by journalizing the revenue from the sale of merchandise. Do not record the cost of the sale yet. We will do that in the following step.

Journalize the following transactions. Assume the perpetual inventory system. (Record debits first, then credits. Exclude explanations from journal entries.) December 4: Sold merchandise for $450 cash. The cost of merchandise was $350. Begin by journalizing the revenue from the sale of merchandise. Do not record the cost of the sale yet. We will do that in the following step.

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Description: Journalize the following transactions. Assume the perpetual inventory system.(Record debits first, then credits. Exclude explanations from journal entries.) December4: Sold merchandise for $450 cash. The cost of merchandise was$350. Begin by jour

College Accounting (Book Only): A Career Approach

12th Edition

ISBN:9781305084087

Author:Cathy J. Scott

Publisher:Cathy J. Scott

Chapter10: Cash Receipts And Cash Payments

Section: Chapter Questions

Problem 5PB

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D1.
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