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List all debit and credit entries for July

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(a) On July 1, Essex Corp. sold merchandise on account to Cambridge Inc. for $58,000, terms n/30. The cost of the merchandise sold was $32,000. Essex expected a return rate of 5%. List all debit and credit entries for July 8th.

(b) On July 8, Cambridge returned merchandise worth $2,400 to Essex. Its original cost was $1,320. The merchandise was restored to inventory. List all debit and credit entries for July 8th.

Reference no: EM132871896

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