Prepare journal entries to record each of the following, Ask an Expert

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Prepare journal entries to record each of the following sales transactions of a merchandising company. Show supporting calculations and assume a perpetual inventory system.

April 1. Sold merchandise for $3,000, granting the customer terms of 2/10, EOM; invoice dated April 1. The cost of the merchandise is $1,800.

April 4. The customer in the April 1 sale returned merchandise and received credit for $600. The merchandise, which had cost $360, is returned to inventory.

April 11 Received payment for the amount due from April 1 sale less the return on April 4.

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M92046671

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