Journalize the following transactions for Powell Company using the gross method of accounting for sales discounts. Assume a perpetual inventory system. Also, assume a constant gross profit ratio for all items sold. Make sure to enter the day for each separate transaction. December 3 Sold goods costing $5, 760 to James Company on account, $9, 600, terms 5/10, n/30. December 9 James Company was granted an allowance of $480 for returned merchandise that was previously purchased on account. The returned goods are in perfect condition. December 14 Received the amount due from James Company.
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