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The following events were completed by Chan's Imports in September 2012. Sept 1. Acquired $60,000 cash from the issue of common stock Sept 1.

This question was answered on Jan 17, 2013. View the Answer
The following events were completed by Chan's Imports in September 2012.
Sept 1. Acquired $60,000 cash from the issue of common stock
Sept 1. Purchased $36,000 of merchandise on account with terms 2/10, n/30
Sept 5. Paid $800 cash for freight to obtain merchandise purchase on Sept. 1
Sept 8. Sold merchandise that cost $20,000 to customers for $38,000 on account, with terms 2/10, n/30
Sept 8. Returned $1500 of defective merchandise from the Sept 1 purchase to the supplier
Sept 10. Paid cash for the balance due on the merchandise purchased on Sept 1
Sept 20. Received cash from customers of Sept 8 sale in settlement of the account balances, but not within the discount period
Sept 30. Paid $4900 cash for selling expenses
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8420644.xlsx

Chan's Imports General Journal Date Sept Account Titles and Explanation 1 Cash Common Stock (Invested in common stock) 1 Merchandise Inventory Accounts Payable (Merchandise purchased on account) 5...

This question was asked on Jan 15, 2013 and answered on Jan 17, 2013.

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