Engine Central had the following sales transactions in December: Dec. 4 ...
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Accounting
Engine Central had the following sales transactions in December:
Dec.
4
Sold $5,600 of merchandise on account to Mos Motors, terms 2/15, net 30. Cost $2,800.
7
Mo returned $1,600 of merchandise to Engine Central because he changed his mind and wanted to order a different type of engine. Cost $800.
16
Mo paid the balance owing to Engine Central.
Prepare the journal entries to record the sales transactions on the books of Engine Central using a perpetual inventory system and the earnings approach for revenue recognition Prepare the journal entries to record the sales transactions on the books of Engine Central using a periodic inventory system and the earnings approach for revenue recognition.
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