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Prepare the journal entries made by Tomas Company

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Problem - Journal Entries for Sale, Return, and Remittance-Perpetual System

On September 13, Tomas Company sold merchandise with an invoice price of $1,200 ($600 cost), with terms of 2/10, n/30, to Dalton Company. On September 17, $250 of the merchandise ($80 cost) was returned because it was the wrong model. On September 23, Tomas Company received a check for the amount due from Dalton Company.

Required - Prepare the journal entries made by Tomas Company for these transactions. Tomas uses the perpetual inventory system.

Reference no: EM132671395

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