Cute.uOT p 1 of 2 (0 complede) HW Score: 0%, 0 of 2 S5-6 (similar to) Question H

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Cute.uOT p 1 of 2 (0 complede) HW Score: 0%, 0 of 2 S5-6 (similar to) Question Help Suppose Rainforest.com sells 4,500 books on account for $13 each(oost of these books is $35,100) on October 10,2018 to Express Leaming One hundred of thes books (cost s780) were damagod in shipment, so Rainforest.com later recaived the damaged goods from Express Loaming as sales returns on October 13, 2018 (Assume both companies use a perpetual invenlory syslem and that sales aine reconded at the net amount Read the requrements Requirement 1. Journalize Expros Learming's Oetober 2018 transations(ecnd debils first then creditst Exdude explanations tom Oct 10 Expross Learning purchased 4,500 books on account for $13 esch from Rainforest.com Debi Cred Date Oct 10 Choose from any list or enter any number in the input elds and then cick Check Anse 5 Pemaing DOLL Q WE Alt

Explanation / Answer

1 10-Oct Inventory 58500 (4500*13)               Accounts payable 58500 13-Oct Accounts payable 585 (45*13)               Inventory 585 2 10-Oct Accounts receivable 58500 (4500*13)                Sales revenue 58500 Cost of goods sold     35100                 Inventory 35100 31-Oct Inventory 780                Cost of goods sold 780 Sales return and allowance 585                 Accounts receivable 585

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