Journalize transactions for james company using gross method

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Problem

Journalize the following transactions for James Company using the gross method of accounting for sales discounts. Assume a perpetual inventory system. Also, assume a constant gross profit ratio for all items sold. Make sure to enter the day for each separate transaction. July 3 Sold goods costing $9,000 to Nelson Company on account, $15,000, terms 1/10, n/30. July 9 Nelson Company was granted an allowance of $3,000 for returned merchandise that was previously purchased on account. Get the instant assignment help. The returned goods are damaged and have no scrap value. July 13 Received the amount due from Nelson Company.

Reference no: EM133931762

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