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Show the journal entries to record transactions on the books

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Reference no: EM132528227

The following transactions are for Teal Mountain Company.

1. On December 3, Teal Mountain Company sold $453,100 of merchandise to Sandhill Co., on account, terms 1/10, n/30. The cost of the merchandise sold was $317,100.2.On December 8, Sandhill Co. was granted an allowance of $22,800 for merchandise purchased on December 3.3.On December 13, Teal Mountain Company received the balance due from Sandhill Co.

Question 1: Prepare the journal entries to record these transactions on the books of Teal Mountain. Teal Mountain uses a perpetual inventory system.

Reference no: EM132528227

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