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Journalize the transactions for the seller

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Problem 1: Journalize the following transactions for the seller, Patterson Company, using the gross method to account for sales discounts. Assume a perpetual inventory system. Make sure to enter the day for each separate transaction. June 7 Sold goods costing $8,400 to Jackson Company on account, $14,000, terms 1/10, n/30. The goods are sold FOB shipping point, freight prepaid by seller, $110. June 13 Jackson Company returned damaged merchandise previously purchased on account, $2,100. June 18 Received the amount due from Jackson Company.

Note: The entry to record the shipping payment to the delivery company is not required in this problem.

Reference no: EM132619881

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