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Prepare the journal entries to record the following transactions on Markowitz Company's books using a perpetual inventory system. On February 6, Markowitz Company sold $105,000 of merchandise to the Lyman Company, terms 2/10, net /30. The cost of the merchandise sold was $70,000. On February 8, the Lyman Company returned $14,000 of the merchandise purchased on February 6. The cost of the merchandise returned was $7,000. On February 16 Markowitz Company received the balance due from the Lyman Company.
Express Contract
An agreement with clear, explicit terms that are communicated verbally or in writing between parties.
Implied Contract
A contract that arises not from words of agreement but from the conduct of the parties.
Executory Contract
An executory contract is a contract that has not yet been fully performed or completed by one or more parties.
Agreed Upon
A condition or decision reached by two or more parties after a negotiation or discussion.
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