ournalize the following inventory merchandise transactions, assuming that the company uses the perpetual inventory system. Refer to the Chart of Accounts for exact wording of account titles. Dec. 1 Sold merchandise on account, $12,000, with terms 2/10, net 30. The cost of the merchandise sold was $7,800. 6 Received payment within the discount period.
ournalize the following inventory merchandise transactions, assuming that the company uses the perpetual inventory system. Refer to the Chart of Accounts for exact wording of account titles. Dec. 1 Sold merchandise on account, $12,000, with terms 2/10, net 30. The cost of the merchandise sold was $7,800. 6 Received payment within the discount period.
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 2PEA: Beginning inventory, purchases, and sales for Item ProX2 are as follows: Assuming a perpetual...
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Journalize the following inventory merchandise transactions, assuming that the company uses the perpetual inventory system. Refer to the Chart of Accounts for exact wording of account titles.
Dec. | 1 | Sold merchandise on account, $12,000, with terms 2/10, net 30. The cost of the merchandise sold was $7,800. |
6 | Received payment within the discount period. |
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