geNOWv21 Online teachir XkeAssignment/takeAssignmentMain.do?invoker-assignments&takeAssignmentSessionLocator assignment-take&inprogress-falseeBook4 Show Me HowCalculatorSales-Related Transactions, Including the Use of Credit CardsJournalize the entries for the following transactions: (If an amount box does not require an entry, leave it blank.)a. Sold merchandise for cash, $25,000. The cost of the gods sold was $17,500, (Record the sale first.)Cash5. 50ld merchandise on account, S99,000. The cost of the goods sold was $58,800, (Record the sale first.)c. Sold m erchandise.to customers. who used MasterCard and VISA, S475,000. The cost of the goods sold was $280,000. (Record the sale first.)9:33

a. Prepare journal entry to record sale of merchandise for cash and the cost of goods sold.

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Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter5: Accounting Systems

Section: Chapter Questions

Problem 11E

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Compu/t/e the General Ledger, Account: Purchases Account: Sales returning allowance

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