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On September 12, Vander Company sold merchandise in the amou…

Posted byAnonymous March 4, 2021March 4, 2021

Questions

On September 12, Vаnder Cоmpаny sоld merchаndise in the amоunt of $5,800 to Jepson Company, with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Vander uses the periodic inventory system and the gross method of accounting for sales. On September 14, Jepson returns some of the merchandise. The selling price of the merchandise is $500 and the cost of the merchandise returned is $350. Jepson pays the invoice on September 18, and takes the appropriate discount. The journal entry that Vander makes on September 18 is:

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Tags: Accounting, Basic, qmb,

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