Journalize each of the following transactions assuming a perpetual inventory system. April 5 Sold merchandise to a customer for $7,400; terms 1/10, n/30 (cost of sales $4, 680). 7 Made a cash sale of $5,700 of merchandise to a customer today (cost of sales $3,660). Sold merchandise for $13,000; terms 1/10, n/30 (cost of sales $8,040). 15 Collected the amount owing from the credit customer of April 5. May 4 The customer of April 8 paid the balance owing.

Journalize each of the following transactions assuming a perpetual inventory system. April 5 Sold merchandise to a customer for $7,400; terms 1/10, n/30 (cost of sales $4, 680). 7 Made a cash sale of $5,700 of merchandise to a customer today (cost of sales $3,660). Sold merchandise for $13,000; terms 1/10, n/30 (cost of sales $8,040). 15 Collected the amount owing from the credit customer of April 5. May 4 The customer of April 8 paid the balance owing.

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Description: Journalize each of the following transactions assuming a perpetual inventory system. April5 Sold merchandise to a customer for $7,400; terms 1/10, n/30 (cost of sales $4, 680). 7Made a cash sale of $5,700 of merchandise to a customer today (cost of

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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