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Journalize the transactions for cooper company

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Question 1: Journalize the transactions for Cooper 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: December 7 Sold goods costing $8,280 to Roberts Company on account, $13,800, terms 4/10, n/30.

Point 2: December 13 Roberts Company was granted an allowance of $3,450 for returned merchandise that was previously purchased on account. The returned goods are damaged and have no scrap value.

Point 3: December 18 Received the amount due from Roberts Company.

Reference no: EM132474112

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