Sales Transactions Journalize the following merchandise transactions, using the net method under a perpetual inventory system. a. Sold merchandise on account, $18,000 with terms 1/10, n/30. The cost of the goods sold was $10,800. If an amount box does not require an entry, leave it blank. b. Received payment less the discount. If an amount box does not require an entry, leave it blank. 88 c. Refunded $600 to customer for defective merchandise that was not returned. If an amount box does not require an entry, leave it blank.

Sales Transactions Journalize the following merchandise transactions, using the net method under a perpetual inventory system. a. Sold merchandise on account, $18,000 with terms 1/10, n/30. The cost of the goods sold was $10,800. If an amount box does not require an entry, leave it blank. b. Received payment less the discount. If an amount box does not require an entry, leave it blank. 88 c. Refunded $600 to customer for defective merchandise that was not returned. If an amount box does not require an entry, leave it blank.

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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