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9. Journalize the following transactions for a merchandiser that uses the gross method for recording sales...

Question:

9. Journalize the following transactions for a merchandiser that uses the gross method for recording sales and a perpetual in
9. Journalize the following transactions for a merchandiser that uses the gross method for recording sales and a perpetual inventory system. On January 8, inventory was sold for AED 7,000 on account. Credit terms were 2/15, n/30 (cost AED 5,500). On January 31, cash was received in full settlement of the January 8 sale. Omit explanations, (20 Points) Jan 8 Jan. 31

Answers

Credit AED Journal entries :- Date Accounts Title & Explanation 08-Jan Accounts Receivable To Sales Revenue (Entry for record

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