! Required information Use the following information for the Quick Studies below. (The following information...
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! Required information Use the following information for the Quick Studies below. (The following information applies to the questions displayed below.) The following are the sales transactions of EcoMart Merchandising. EcoMart uses a perpetual inventory system and the gross method. October 1 sold merchandise for $3,300, with credit terms n/30, invoice dated October 1. The cost of the merchandise is $1,800. October 6 The customer in the October 1 sale returned $330 of merchandise for full credit. The merchandise, which had cost $180, is returned to inventory. October 9 Sold merchandise for $1,600 cash. Cost of the merchandise is $1,170. October 30 Received payment for the amount due from the October 1 sale less the return on October 6. QS 5-11 (Algo) Recording sales and returns; no discounts LO P2 Use the above sales transactions of EcoMart Merchandising to prepare journal entries. View transaction list Journal entry worksheet Sold merchandise for $3,300, with credit terms n/30, invoice dated October 1. Note: Enter debits before credits. Date General Journal Debit Credit Oct 01 Record entry Clear entry View general journal
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