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Business, 20.09.2020 18:01 PersonPerson13260

Presented below are transactions related to Novak Corp. 1.On December 3, Novak Corp. sold $644,700 of merchandise on account to Sarasota Co., terms 4/10, n/30, FOB shipping point. The cost of the merchandise sold was $363,600.
2.On December 8, Sarasota Co. was granted an allowance of $27,400 for merchandise purchased on December 3.
3.On December 13, Novak Corp. received the balance due from Sarasota Co.

Required:
Prepare the journal entries to record these transactions on the books of Novak Corp. using a perpetual inventory system.

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Presented below are transactions related to Novak Corp. 1.On December 3, Novak Corp. sold $644,700...
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