Preston Office Furniture, Inc. uses the gross method of accounting for sales and a periodic inventory system and had the following transactions during the month of May: Prepare the required journal entries that Preston Office Furniture, Inc. must make to record these transactions.

Question

Preston Office Furniture, Inc. uses the gross method of accounting for sales and a periodic inventory system and had the following transactions during the month of May:  Prepare the required journal entries that Preston Office Furniture, Inc. must make to record these transactions.

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The Answer of Preston Office Furniture, Inc. uses the gross method of accounting for sales and a periodic inventory system and had the following transactions during the month of May:  Prepare the required journal entries that Preston Office Furniture, Inc. must make to record these transactions.