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Prepare the necessary journal entries

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Question - Prepare the necessary journal entries to record the following transactions, assuming Sunland Company uses a perpetual inventory system.

(a) Sunland sells $63,000 of merchandise, terms U10, nf30. The merchandise cost $42,920.

(b) The customer in (a) returned $5,300 of merchandise to Sunland. The merchandise returned cost $4,060.

(c) Sunland received the balance due within the discount period.

Reference no: EM133147447

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