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chapter 7 LO2. How are sales and cash receipts recorded in...

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Accounting

chapter 7
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LO2. How are sales and cash receipts recorded in a manual accounting information system? a) Given the following transactions, indicate which journal (cash receipts or sales) the transaction should be recorded in. The sale of merchandise for cash. The sale of merchandise on account. b) Briefly explain the purpose of a subsidiary ledger for accounts receivable

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