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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.
Trustee In Bankruptcy
An individual or entity assigned to manage and oversee the assets of a bankrupt debtor for the benefit of the creditors.
Weighted Average Cost
Refers to a method used to calculate the combined average cost of goods or services, considering their respective weights or importance.
Equity
The value of an ownership interest in a company, represented by the shares held by its investors.
Pre-Tax Cost
The expense associated with a resource or service before any taxes are applied.
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