Prepre Journal EntriesMayMade cash sales of $7,100; the cost of the inventory was $3,600.15Purchased $2,400 of inventory on credit.9.Made credit sales of $3,300; the cost of the inventory sold was $2,100.13Paid sales salaries of $1,100 and office salaries of $400.

1. When goods are sold on credit, bills Receivables is debited. 2. When goods are sold for cash ,…

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Prepre Journal Entries May Made cash sales of $7,100; the cost of the inventory was $3,600. 1

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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Question

Prepre Journal Entries
May
Made cash sales of $7,100; the cost of the inventory was $3,600.
1
5
Purchased $2,400 of inventory on credit.
9.
Made credit sales of $3,300; the cost of the inventory sold was $2,100.
13
Paid sales salaries of $1,100 and office salaries of $400.

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