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On January 6, Tarjee Limited sold merchandise on account to Singh Inc. for $45,200, terms...

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Accounting

On January 6, Tarjee Limited sold merchandise on account to Singh Inc. for $45,200, terms n/30. The merchandise originally cost Tarjee $28,800. On January 25, Singh paid the amount due. Both Tarjee and Singh use a perpetual inventory system.

(a)

Prepare the entries on Tarjees books to record the sale and related collection. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date

Account Titles and Explanation

Debit

Credit

Jan. 6
(To record sales)
(To record cost of merchandise sold)

Jan. 25

Answer & Explanation Solved by verified expert
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