Record the Following Transactions for Cyrus Company

question 141

Essay

Record the following transactions for Cyrus Company.
1. On August 4 Cyrus sold merchandise on account to Swift Company for $700 terms 2/10 n/30.
2. On August 7 Cyrus granted Swift a sales allowance and reduced the cost of the merchandise by $50 because some of the goods were slightly damaged.
3. On August 12 Swift paid the account in full.

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Definitions:

Acquiring Words

The process by which individuals learn and assimilate new vocabulary into their language use.

Infant

A very young child or baby, typically under one year of age.

Preschool Years

The period in a child's life before they attend kindergarten, typically from ages 3 to 5.

Acquire

To gain possession or ownership of something, often through purchase or effort.