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prepare appropriate entries for the month of August by recording the transactions found below in debit and credit format, using proper general journal format.

Problem 11.doc - Protected View . Saved to this PC eferences Mailings Review View Help Search Enable Editing an contain viruses. Unless you need to edit, it's safer to stay in Protected View. Instructions: Prepare appropriate entries for the month of August by recording the transactions found below in debit and credit format, using proper general journal format. You may journalize each transaction in the space provided to you on D2L, or you may save this document, and record your journal entries on the general journal found on the next page. If you choose to use this document, you must email it to the professor upon completion of the exam The company uses a perpetual inventory system Cash Accounts Payable Accounts Receivable Sales Revenue Notes Receivable Sales Returns and Allowances Inventory Sales Discounts Office Supplies Cost of Goods Sold (COGS) Land Freight-Out Aug. 1 Sold merchandise for cash $300. The cost of the merchandise sold was $200. Aug.2 Purchased merchandise from Reeves Co. on account for $5,000; terms 2/10, 1/30. FOB shipping point Aug. 3 Paid freight on Reeves Co. purchase, $50. Aug. 6 Sold merchandise to L. Hines on account for $830, terms 2/10, 1/30. The merchandise sold cost $550. FOB Destination Aug. 8 Accepted a sales return of defective merchandise from L. Hines - credit granted was $180. The returned merchandise cost $120. Aug. 11 Purchased merchandise from Lloyd Hardware on account for $3,000; terms 1/10, n 30. Aug. 12 Paid freight of $200 on the shipment sold to L. Hines Co. on August 6. Aug. 15 Received payment in full from L. Hines Aug. 19 Paid Reeves Co. in full Aug. 20 Paid Llovd Hardware in full

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