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Using the perpetual inventory system, journalize the entries for the following select
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(a) Sold merchandise on account, for $10,000. The cost of the merchandise sold was $4,500. (b) Sold merchandise to customers who used MasterCard and VISA, $8,500. The cost of the merchandise sold was $4,100. (c) Sold merchandise to customers who used American Express, $3,500. The cost of the...
How do I Journalize these transactions using a perpetual inventory system?
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I read the text book and understood some of the material, but need help. Olaf Distributing Company completed the following merchandising transactions in the month of April. At the beginning of April, the ledger of Olaf showed Cash of $9,000 and Common Stock of $9,000. Apr 2 Purchased...
How do you do the general journal entries in perpetual inventory system?
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Having a hard time understanding the Perpetual inventory system in these cases! 1. Sold merchandise costing $4,500 for $1,000 cash and $7,000 on open account. 2. Purchased land and building for $100,000 cash and a $300,000 mortgage. The land was recently appraised at $60,000 and the building... View more questions Search
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