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Journalize the transactions for brooks company

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Question 1: Journalize the following transactions for Brooks Company. 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.

January 6 Sold goods costing $7,200 to Powell Company for cash, $12,000.

January 12 Powell Company returned undamaged merchandise, purchased on January 6, for a cash refund, $1,690.

Reference no: EM132479841

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