Journalize sales transactions. BE5.4 (LO 3), AP Prepare the journal entries to record the following transactions on Borst Company's books using a perpetual inventory system. a. On March 2, Borst Company sold $800,000 of merchandise on account to McLeena Company, terms 2/10, n/30. The cost of the merchandise sold was $540,000. b. On March 6, McLeena Company returned $140,000 of the merchandise purchased on March 2. The cost of the returned merchandise was $94,000. c. On March 12, Borst Company received the balance due from McLeena Company. Journalize purchase transactions.
Journalize sales transactions. BE5.4 (LO 3), AP Prepare the journal entries to record the following transactions on Borst Company's books using a perpetual inventory system. a. On March 2, Borst Company sold $800,000 of merchandise on account to McLeena Company, terms 2/10, n/30. The cost of the merchandise sold was $540,000. b. On March 6, McLeena Company returned $140,000 of the merchandise purchased on March 2. The cost of the returned merchandise was $94,000. c. On March 12, Borst Company received the balance due from McLeena Company. Journalize purchase transactions.
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter14: Adjustments For A Merchandising Business
Section: Chapter Questions
Problem 9SEB: JOURNAL ENTRIES UNDER THE PERPETUAL INVENTORY SYSTEM Sunita Computer Supplies entered into the...
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