You are provided with the unadjusted trial balance for Rex company as of January 31,...
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You are provided with the unadjusted trial balance for Rex company as of January 31, 20058. Before you can proceed, there are unrecorded transactions for December that you can proceed, there are unrecorded transactions for December that you are required to journalize and update the general account balances. once completed you will then have a new unadjusted trial balance to move to the worksheet and complete the following items. Sold merchandise on credit for $8,000, terms 3/10, n/30. The items sold had a cost of $3, 500. Purchased merchandise for cash, $720. Purchased merchandise on credit for $2, 600, terms 1/20, n/30. Issued a credit memorandum for $300 to a customer who returned merchandise purchased November 29. The returned items had a cost of $210.(you must credit cash for $300). Received payment for merchandise sold December 1. Received a credit memorandum for the return of faulty merchandise purchased on December 4 for $600. Paid freight charges of $200 for merchandise ordered last month. (FOB shipping point) Paid for the merchandise purchased December 4 less the portion that was returned. Sold merchandise on credit for $7,000, terms 2/10, n/30. The hems had a cost of $4.900. Received payment for merchandise sold on December 24
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