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Record the following transactions on the books of Springfield Ltd., which uses a perpetual inventory...

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Accounting

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Record the following transactions on the books of Springfield Ltd., which uses a perpetual inventory system. Springfield's expected rate of return on sales is 4% (a) Your answer is partially correct. Sold $23,300 of merchandise on April 28 to Valez Ltd. terms /30. The goods sold had cost Springheld $16,400. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit April 28 Accounts Receivable 23.300 Sales 23300 No Entry O Sold $23,300 of merchandise on April 28 to Valez Ltd. terms n/30. The goods sold had cost Springfield $16,400. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit April 28 Accounts Receivable 23300 Sales 23300 No Entry 0 (To record sales) April 28 Cost of Goods Sold 16400 Inventory 16400 No Entry (To record cost of goods sold)

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