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Prepare journal entries for the sales and cash receipts

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Problem - Prepare journal entries for the following sales and cash receipts transactions.

(a) Merchandise is sold on account for $300 plus 3% sales tax, with 2/10, n/30 cash discount terms.

(b) Part of the merchandise sold in transaction (a) for $70 plus sales tax is returned for credit.

(c) The balance on account for the merchandise sold in transaction (a) is paid in cash within the discount period.

Reference no: EM132721847

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