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cocomelon
cocomelon
13.03.2020 • 
Business

Cycle Wholesaling sold merchandise on account, with terms n/60, to Sarah’s Cycles on February 1 for $300 (cost of goods sold of $250). On February 9, Sarah’s Cycles returned to Cycle Wholesaling one-quarter of the merchandise from February 1 (cost of goods returned was $45). Cycle Wholesaling uses a perpetual inventory system, and it allows returns only within 15 days of initial sale.

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