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Problem - Journalize the merchandise transactions

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Problem - Journalize the following merchandise transactions:

a. Sold merchandise on account to Smith Inc., $7,500, with terms 2/10, n/30. The cost of the merchandise sold was $5,625.

b. Received payment for the sale in (a) less the discount.

c. Issued a credit memo to Wilson Company for returned merchandise that was sold for $4,000, terms n/30. The cost of the merchandise returned was $2,275.

Reference no: EM132694645

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