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Business, 05.05.2020 03:40 Aracelys3946

Chapter 5 Problem 2

Stiles Company uses the Perpetual Inventory system and had the following transactions during the month of October:

Oct. 2 Sold merchandise to Boyle for $5,700, terms of 2/15, n/30. Cost of these units was $3,500.
Oct. 4 Boyle returned $400 of merchandise purchased on Oct. 2. Cost of these returned items was $225.
Oct. 13 Collected the amount due from Boyle

Required: Prepare the journal entries for each of these 3 transactions

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Chapter 5 Problem 2

Stiles Company uses the Perpetual Inventory system and had the follo...
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