On March 12. Fret Company sold merchandise in the amount of $7,800 to Babson Company,...
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Accounting
On March 12. Fret Company sold merchandise in the amount of $7,800 to Babson Company, with credit terms of 2/10,n/30. The cost of the items sold is $4,500. Fret uses the perpetual inventory system and the gross method of accounting for sales. The journal entry or entries that Fret will make on March 12 is (are): Account Title Debit Credit Sales 7.800 Accounts Recelvable 7.800 Account Tile Debit Credit Accounts Pecteivable 7800 Sulet 7,800 Account Tite Detit Credit Mccounts Recelvable 7,000 Sales 7,800 Cost of Goods Sold 4,500 Merchandive irventory 4,500 Account Titse Debit Credit Acrounts Recelvable 4,500 Sales 4,500
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