Prepare journal entries to record each of the following sales transactions of EcoMart Merchandising. EcoMart uses a
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Prepare journal entries to record each of the following sales transactions of EcoMart Merchandising. EcoMart uses a perpetual inventory system and the gross method.
Oct. 1 Sold fair trade merchandise for $1,500, with credit terms n/30, invoice dated October 1. The cost of the merchandise is $900.
6 The customer in the October 1 sale returned $150 of fair trade merchandise for full credit. The merchandise, which had cost $90, is returned to inventory.
9 Sold recycled leather merchandise for $700, with credit terms of 1/10, n/30, invoice dated October 9. Cost of the merchandise is $450.
11 Received payment for the amount due from the October 1 sale less the return on October 6.
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Related Book For
Financial Accounting Information for Decisions
ISBN: 978-1259917042
9th edition
Authors: John J. Wild
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