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Use the following information to answer a & b
Use the following information to answer a & b.
Cisco Inc uses the perpetual inventory system and had the following transactions during December.
|
Dec. 1 |
Sold merchandise on credit for $5,000, terms 3/10, n/30 to GR Inc. The merchandise cost $3,000. |
|
Dec. 5 |
GR Inc, returned $500 of the items purchased on Dec. 1 |
|
Dec. 8 |
Cisco gives GR Inc. an allowance of $100 for faulty merchandise purchased Dec.1 |
|
Dec. 9 |
GR pays in full for the merchandise purchased on Dec. 1 |
a. Journalize the transactions
b. Complete a partial income statement for Cisco
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