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Prepare general journal entries without explanations to record the following transactions Jan 1 Sold merchandise to Kelly...

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Accounting

Prepare general journal entries without explanations to record thefollowing transactions
Jan 1 Sold merchandise to Kelly Graham for $1,000 on account.The merchandise cost $600 and the company uses a perpetualinventory system and does not expect any returns
Feb 1 Received $300 from Graham
Jul 1 Wrote off the balance Graham's account asuncollectible
Sep 1 Unexpectedly received payment in full trom Graham

Answer & Explanation Solved by verified expert
3.6 Ratings (529 Votes)
Date General Journal Debit Credit Jan01 Accounts Receivable 1000 Sales 1000 to record entry for sales of merchandise Cost of goods    See Answer
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Transcribed Image Text

Prepare general journal entries without explanations to record thefollowing transactionsJan 1 Sold merchandise to Kelly Graham for $1,000 on account.The merchandise cost $600 and the company uses a perpetualinventory system and does not expect any returnsFeb 1 Received $300 from GrahamJul 1 Wrote off the balance Graham's account asuncollectibleSep 1 Unexpectedly received payment in full trom Graham

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