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College Accounting 2nd Edition by David Haddock, John Price,Michael Farina
Edition 2ISBN: 978-0073396958College Accounting 2nd Edition by David Haddock, John Price,Michael Farina
Edition 2ISBN: 978-0073396958 Exercise 50
Recording sales, sales returns, and cash receipts for a retail store.
Eddie's Electronics began operations September 1, 2013. The firm sells its merchandise for cash and on open account. Sales are subject to a 7 percent sales tax. During September, Eddie's Electronics engaged in the following transactions:
INSTRUCTIONS
Record the transactions in a general journal. Use 1 as the page number.
Analyze: What portion of the sales during September were for entertainment items? (Hint: Do not forget to reduce sales by any sales returns or allowances.)
Eddie's Electronics began operations September 1, 2013. The firm sells its merchandise for cash and on open account. Sales are subject to a 7 percent sales tax. During September, Eddie's Electronics engaged in the following transactions:
INSTRUCTIONS
Record the transactions in a general journal. Use 1 as the page number.
Analyze: What portion of the sales during September were for entertainment items? (Hint: Do not forget to reduce sales by any sales returns or allowances.)
Explanation
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Recording sale made on account with a sa...
College Accounting 2nd Edition by David Haddock, John Price,Michael Farina
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