g Klein uses the perpetual inventory system and the gross method of accounting for sales. The journal entry or entries that Klein will make on March 12 is (are):

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Date       Account Titles and Explanation     Debit    Credit

12-Mar    Accounts receivable                         $7,800

                     Sales                                                         $7,800

               (To record the sales on account)

12-Mar   Cost of goods sold                             $4,500

                      Inventory                                                   $4,500

               (To record the cost of goods sold)

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explanation:

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