Punt Inc sold merchandise to the AAA Accounting Firm for $15…
Punt Inc sold merchandise to the AAA Accounting Firm for $15,600. The cost of merchandise was $7,200. The sale is subject to terms 1/10, n/30, FOB shipping point. A. What is the amount of the sales discount? B. Who will pay the freight? C. What is the general journal entry for the sale of the merchandise? *Don’t forget inventory
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