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X-Mart uses the periodic inventory system to account for its merchandise. On May 1, it sold $1,400 of merchandise on credit. The original cost of the merchandise to X-Mart was $500. Demonstrate the required journal entry to record the sale by selecting all of the correct actions below. (Check all that apply.)
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X-Mart uses the periodic inventory system to account for its merchandise. On May 1, it sold $1,400 o...
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