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Business, 22.02.2020 04:07 cyaransteenberg

Cycle Wholesaling sold merchandise on account, with terms n/60, to Sarah’s Cycles on February 1 for $550 (cost of goods sold of $375). On February 9, Sarah’s Cycles returned to Cycle Wholesaling one-quarter of the merchandise from February 1 (cost of goods returned was $85). Cycle Wholesaling uses a perpetual inventory system, and it allows returns only within 15 days of initial sale.

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Cycle Wholesaling sold merchandise on account, with terms n/60, to Sarah’s Cycles on February 1 for...
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