Argus sells auto parts. On August 1, a customer purchases parts for $3,900 on account. The parts cost Argus $1,300. Argus uses the periodic inventory method. The customer paid for the parts on August 31.
Required: Prepare the necessary entries to record the sale and the collection of cash at the end of the month.

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The Answer of Argus sells auto parts. On August 1, a customer purchases parts for $3,900 on account. The parts cost Argus $1,300. Argus uses the periodic inventory method. The customer paid for the parts on August 31.
Required: Prepare the necessary entries to record the sale and the collection of cash at the end of the month.

Argus Sells Auto Parts