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Prepare the journal entries to record these transactions

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Reference no: EM132893162

Question - The following transactions are for Arte Company.

1. On December 3, Arte Company sold $500,000 of merchandise to Alonzo Co., on account, terms 1/10, n/30. The cost of the merchandise sold was $330,000.

2. On December 8, Alonzo Co. was granted an allowance of $25,000 for merchandise purchased on December 3.

3. On December 13, Arte Company received the balance due from Alonzo Co.

Required - Prepare the journal entries to record these transactions on the books of Arte. Arte uses a perpetual inventory system.

Reference no: EM132893162

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