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Journalize the following merchandise transactions. The company uses the perpetual inventory system.(a)Sold merchandise on account, $17,300, with terms 2/10, net 30. The cost of the goods sold was $12,600.(b)Received payment within the discount period.
Debt-to-Equity Ratio
A measure of a company's financial leverage indicating the proportion of company financing from debt compared to equity.
Balance Sheet
A Balance Sheet is a financial statement that summarizes a company's assets, liabilities, and shareholders' equity at a specific point in time.
Corporation
A legal entity owned by shareholders, offering limited liability and existing independently of its owners.
Times Interest Earned
A financial metric indicating how many times a company's operating income can cover its interest expense, used to assess financial stability.
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