Sold Merchandise for $5,000 to Lee Corp on account on December 9. Cost of the merchandise was $3,390 and the terms of the sale were 1/15, n/30.

Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter6: Accounting For Merchandising Businesses
Section: Chapter Questions
Problem 11E: The debits and credits for four related entries for a sale of 15,000, terms 1/10, n/30, are...
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Read through the information below for selected transactions during the month of December, 2021 and prepare the required jounal entry to record the transaction.  Post each of the entries below to the general ledger T-accounts attached .

 

Sold Merchandise for $5,000 to Lee Corp on account on December 9.  Cost of the merchandise was $3,390 and the terms of the sale were 1/15, n/30.

2)
Sold Merchandise for $5,000 to Lee Corp on account on December 9. Cost of the merchandise was
$3,390 and the terms of the sale were 1/15, n/30.
Date
Account description
Debit
Credit
Transcribed Image Text:2) Sold Merchandise for $5,000 to Lee Corp on account on December 9. Cost of the merchandise was $3,390 and the terms of the sale were 1/15, n/30. Date Account description Debit Credit
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