Journal entries for Sold Merchandise Inventory.
1.(2/18/2009) Sold $600,000 Merchandise Inventory on account. All sales are recorded net of the 2% discount offered by the company. (Any discounts not eventually taken by the purchaser are recognized as interest income.) Shipping charges of $450 were paid by the purchaser.
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2.(2/23/2009) Collected the correct balance due from the Transaction 2 sale of Merchandise, net of the discount.
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3.(2/25/2009) Paid the balance due on the Merchandise Inventory purchase in Transaction 2 within the discount period.
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