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Doxey Company

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On June 24, 2006, Doxey Company sold merchandise to Nathan Ray for $40,000 with terms
2/10, n/30. On June 30, Ray paid $19,600 on his account and was allowed a discount for the
timely payment. On July 20, Ray paid $12,000 on his account and returned $8,000 of merchandise, claiming that it did not meet contract terms.
Record the necessary journal entries for Doxey Company on June 24, June 30, and July 20.

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This solution is comprised of a detailed explanation to record the necessary journal entries for Doxey Company on June 24, June 30, and July 20.

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Recording Sales Transactions
On June 24, 2006, Doxey Company sold merchandise to Nathan Ray for $40,000 with terms 2/10, n/30. On June 30, Ray paid $19,600 on his account and ...

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