Journalize the following merchandise transactions, using the net method under a perpetual inventory system. a. Sold merchandise on account, $18,800 with terms 1/10, n/30. The cost of the goods sold was $11,280. If an amount box does not require an entry, leave it blank. Accounts Receivable Sales Purchases Feedback ✓ Check My Work (a) When the perpetual inventory system is used, two entries are recorded each time a sale i made. In the first entry, accounts receivable and the sale are recorded, less the discount. A second entry records the cost of the merchandise sold and the reduction of inventory on hand. b. Received payment less the discount. If an amount box does not require an entry, leave it blank. Cash

Journalize the following merchandise transactions, using the net method under a perpetual inventory system. a. Sold merchandise on account, $18,800 with terms 1/10, n/30. The cost of the goods sold was $11,280. If an amount box does not require an entry, leave it blank. Accounts Receivable Sales Purchases Feedback ✓ Check My Work (a) When the perpetual inventory system is used, two entries are recorded each time a sale i made. In the first entry, accounts receivable and the sale are recorded, less the discount. A second entry records the cost of the merchandise sold and the reduction of inventory on hand. b. Received payment less the discount. If an amount box does not require an entry, leave it blank. Cash

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Description: Journalize the following merchandise transactions, using the net method under a perpetual inventory system.a. Sold merchandise on account, $18,800 with terms 1/10, n/30. The cost of the goods sold was $11,280. If an amount box does not require an en

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter9: Sales And Purchases

Section: Chapter Questions

Problem 7E: Record the following transactions for a perpetual inventory system in general journal form. a. Sold...

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