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What ones should in the sales journal

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Reference no: EM133019014

Question - M and N Sporting Goods reports these selected transactions for the month of July:

July 9: Issued invoice No. 159 for a sale on account to Evans Company, $4,600, terms 1/10 n/30. The cost of the merchandise was $2,700.

July 10: Issued invoice No. 160 for a sale on account to Sails and Boats, $5,700, terms 2/15 n/45. The cost of the merchandise was $2,450.

July 20: Issued a credit memo to Sails and Boats for $2,800 for merchandise returned. The cost of the returned merchandise was $1,200.

Record the above transactions in either the sales journal or the general journal. M and N Sporting Goods has a perpetual inventory system.

What ones should in the sales journal and what will just be entered in the general journal?

Reference no: EM133019014

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