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E5-21 Journalizing sales transactions
Learning Objective 3
Jan. 4 Sold $16,000 of antiques on account, credit terms ore n/30 Cost of goods is $8,000.
8 Received) SJOO sales return on damaged goods from the customer. Cost of goods damaged is $1$0.
13 Antique Mall received payment from the customer on the amount due from Jan. 4, less the return,
20 Sold $4,900 of antiques on account, credit terms are 1/10, n/45, FOB destination. Cost of goods is $2,450.
20 Antique Mall paid $70 on freight out,
29 Received payment from the customer on the amount due from Jan. 20, less the discount.
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Learn your wayIncludes step-by-step video
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Chapter 5 Solutions
ACCOUNTING PRINCIPLES V1 6/17 >C<
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- Hello teacher please help me this problemarrow_forwardcorrect answer pleasearrow_forwardThe following data were selected from the records of Fluwars Company for the year ended December 31, current year: Balances at January 1, current year: Accounts receivable (various customers) $ 111,500 Allowance for doubtful accounts 11,200 The company sold merchandise for cash and on open account with credit terms 1/10, n/30, without a right of return. The following transactions occurred during the current year: Sold merchandise for cash, $252,000. Sold merchandise to Abbey Corp; invoice amount, $36,000. Sold merchandise to Brown Company; invoice amount, $47,600. Abbey paid the invoice in (b) within the discount period. Sold merchandise to Cavendish Inc.; invoice amount, $50,000. Collected $113,100 cash from customers for credit sales made during the year, all within the discount periods. Brown paid its account in full within the discount period. Sold merchandise to Decca Corporation; invoice amount, $42,400. Cavendish paid its account in full after the…arrow_forward
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