Journalize the transactions for jackson company

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Problem 1: Journalize the following transactions for Jackson 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. August 3 Sold goods costing $3,300 to Morris Company on account, $5,500, terms 4/10, n/30. August 9 Morris Company was granted an allowance of $1,100 for returned merchandise that was previously purchased on account. The returned goods are damaged and have no scrap value. August 13 Received the amount due from Morris Company.

Reference no: EM132619876

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