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(BE5.3 (LO 3) Prepare the journal entries to record the following transactions on Benson Ltd.s books using a perpetual inven
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Answer #1

Accounts receivable account................Debit 800,000

To Sales revenue account..................Credit 800,000

(being sales made on credit)

Cost of goods sold account...................Debit  620,000

To Merchandise Inventory account.....Credit 620,000

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