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Question - Examine the following transaction for Cellar Company, which uses the gross method of recording sales of merchandise and a perpetual inventory system.
Transaction: On March 7, Cellar Company received the amount due from Gone Company. Gone had previously purchased goods on account, for a price of $15,000, with terms, 5/10 n/30. Gone paid within the discount period. There were no returns related to this purchase.
Required -
(a) Select the appropriate special journal in which the transaction should be entered.
(b) Enter the transaction in that journal.
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