Journalize the transactions for baker company

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Question 1: Journalize the transactions for Baker Company using the gross method of accounting for sales discounts. Assume a perpetual inventory system. Also, assume a constant gross profit ratio for all items sold. Make sure to enter the day for each separate transaction.

Point 1: November 1 Sold goods costing $4,800 to Jenkins Company on account, $8,000, terms 3/10, n/30.

Point 2: November 7 Jenkins Company was granted an allowance of $800 for returned merchandise that was previously purchased on account. The returned goods are in perfect condition.

Point 3: November 12 Received the amount due from Jenkins Company.

Reference no: EM132474167

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