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Adjusting Entries: | |||
Transaction 3 | |||
Sales Revenue | $ 12,300 | ||
Accounts Receivable | $ 12,300 | ||
(To reverse sale entry in 2020) | |||
Transaction 4 | |||
Purchases | $ 15,000 | ||
Accounts Payable | $ 15,000 | ||
(To record purchase of merchandise in 2020) | |||
Transaction 8 | |||
Sales Returns | $ 3,400 | ||
Accounts Receivable | $ 3,400 | ||
(To record sales return) | |||
Transaction 9 | |||
Sale would be recognized on cash basis in next year |
Prepare any adjusting entries needed at Dec 31, 2020. Assume the book has bot been closed...
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