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    Fundamental Accounting Principles

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    Record the following transactions on the books of Essex Co.
    (a) On July 1, Essex Co. sold merchandise on account to Harrard Inc. for $16,000, terms 2/10, n/30.
    (b) On July 8, Harrard Inc. returned merchandise worth $3,800 to Essex Co.
    (c) On July 11, Harrard Inc. paid for the merchandise.

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    Hi there,
    <br>a) July 1 - sale of merchandise on account
    <br>DR: Accounts Receivable 16,000
    <br>CR: Sales Revenue 16,000
    <br>DR: ...

    Solution Summary

    This question involves the fundamentals of accounting