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Notes and Journal entries
A 60-day, 10% note for $8,000, dated April 15, is received from a customer on account. The face value of the note is
A) $8,600 B) $7,200 C) $8,800 D) $8,000 Paid $49 COD shipping charges on merchandise purchased for resale, terms FOB shipping point. Does this amount get journalized to Merchandise Inventory (transportation-in) or to Postage? |
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