Journalize the Following Transaction for a Merchandiser That Uses the Perpetual

question 133

Essay

Journalize the following transaction for a merchandiser that uses the perpetual inventory system.
Sold goods for cash,$1,200 (cost $750).Omit explanations.

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Definitions:

Statutory Right

A right granted by legislation, which is enacted by a legislative body.

Intestate

The state of dying without having made a legal will, leading to the distribution of one's estate according to state or country laws.

Distributed

The process of allocating or dispersing items, resources, or information among multiple recipients or over various locations.

Constructive Trust

A legal remedy imposed by a court to prevent unjust enrichment, transforming the holder of property into a trustee for the benefit of another party.