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Journalize the march transactions using the gross method

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Gross method for sales discounts

The following were selected from among the transactions completed by Essex Company during March of the current year:

Mar.2.Sold merchandise on account to Parsley Co., $32,000, terms 1/10, n/30. The cost of the merchandise sold was $18,500.

8.Sold merchandise on account to Tabor Co., $24,000, terms 2/10, n/30. The cost of the merchandise sold was $14,400.

11.Received payment on account for the sale of March 2 less the discount.

20.Received payment on account for the sale of March 8.

Problem 1: Journalize the March transactions using the gross method of recording sales discounts

Reference no: EM132695094

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