Assume the perpetual inventory system is used unless stated otherwise. Round all numbers to the nearest whole dollar unless stated otherwise. Journalizing multiple performance obligations Journalize the following sales transactions

Assume the perpetual inventory system is used unless stated otherwise. Round all numbers to the nearest whole dollar unless stated otherwise. Journalizing multiple performance obligations Journalize the following sales transactions for King Company. Explanations are not required. Transcribed Image Text: Apr. 1 King Company sold merchandise inventory for $150. The cost of the
inventory was $90. The customer paid cash. King Company was running
a promotion and the customer received a $20 award at the time of sale
that can be used at a future date on any King Company merchandise.
The customer uses the $20 award when purchasing merchandise inventory
for $30. The cost of the inventory was $18. The customer paid cash.
May 15

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