Record the Following Transactions for Lett Company

question 177

Essay

Record the following transactions for Lett Company.
1. On August 4, Lett sold merchandise on account to Smiley Company for $610, terms 2/10, n/30.
2. On August 7, Lett granted Smiley a sales allowance and reduced the cost of the merchandise by $60 because some of the goods were slightly damaged.
3. On August 12, Smiley paid the account in full.

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