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Write journal entries in proper form for the following economic transactions for the entity Springfield, Inc.

Write journal entries in proper form for the following economic transactions for the entity Springfield, Inc.

FINANCIAL ACCOUNTING
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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Write journal entries in proper form for the following economic transactions for the entity Springfield, Inc. 1. Sold goods for $5,325 on account which includes 6.5% sales tax. The goods were sold under the terms 3/10 Net 45. The company prices their goods to earn 43% gross profit. 2. On the 12th day the company recieved payments on the transaction in item 1 Above.
Transcribed Image Text:Write journal entries in proper form for the following economic transactions for the entity Springfield, Inc. 1. Sold goods for $5,325 on account which includes 6.5% sales tax. The goods were sold under the terms 3/10 Net 45. The company prices their goods to earn 43% gross profit. 2. On the 12th day the company recieved payments on the transaction in item 1 Above.
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