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Problem 1: Southeastern Corporation sold merchandise for $4,450 to Northern, Inc. on account. The cost of goods sold was $1,185. Southeastern Corporation uses a perpetual inventory system and special journals. The $4,450 is recorded as ________.
a. an entry in the general journalb. Accounts Receivable CR column of cash receipts journalc. Accounts Receivable DR, Sales Revenue CR column of the sales journald. Merchandise Inventory DR column of the purchases journal
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