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View History Bookmarks Window Help nbox (6,647 messages, 1,794 unread e Nick Soloma Mendocino farms ALEKS punchase instructions FIN 360-Spring 2018-FIN 360L SP18 001-4 ALEKS s anos 8teost onind [ Engish I ) Griffin Douglas Question #3 Joumalize the following transactions for Jenkins Company. Assume a perpetual inventory system. Also, assume a constant gross profit ratio for all items sold. Make sure to enter the day for each separate transaction. March 5 Sold goods costing $3,600 to Bailey Company for cash, $6,000 March 11 Bailey Company returned undamaged merchandise, purchased on March 5, for a cash refund, $520 5 6 8

Explanation / Answer

  In the books of Jenkins Company :-

3600

Date Accounts title Dr. Cr. Mar 5 Cash 6000 cost of goods sold 3600 To Sales 6000 To Merchandise Inventory

3600

Mar 11 Sales returns and allowances 520 To cash 520

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