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Unformatted text preview: Cost of Goods Sold 42,500 To record the return of The Big Green Book. Yancey Publishers Date Account Titles Debit Credit 2004 Oct.16 Accounts Receivable; Billiris 32,000 Sales 32,000 To record the sale of goods with a list price of $40,000 and a trade discount of 20%. Credit terms of 2/10/net 30, FOB shipping point 16Cost of Goods Sold 20,000 Merchandise Inventory 20,000 To record the sale of goods with a list price of $40,000 and a trade discount of 20%. Credit terms of 2/10/net 30, FOB shipping point 18Sales Returns and Allowances 2,000 Accounts Receivable; Billiris 2,000 Return from the sale of Oct. 16. 18Merchandise Inventory 1,000 Cost of Goods Sold 1,000 Return from the sale of Oct. 16. 24Cash 29,400 Sales Discount 600 Accounts Receivable 30,000 Paid for sale of Oct. 16....
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- Spring '11
- Financial Accounting, Generally Accepted Accounting Principles, The Return, green book, Allowances Accounts Receivable