Question
1. On March 7, a company sold merchandise on account (on credit) for $500. The terms were 2/10, n/30. Please make the journal entry for
1. On March 7, a company sold merchandise on account (on credit) for $500. The terms were 2/10, n/30. Please make the journal entry for this transaction.
2. Please make the journal entry that would be made if the company received payment on March 23 for the merchandise sold in Question 1.
3. Please make the journal entry that would be made if the company received payment on March 13 for the merchandise sold in Question 1.
4. On April 7, a company sold merchandise on account (on credit) for $900. The terms were 2/10, n/30. Please make the journal entry for this transaction.
5. Please make the journal entry that would be made if the customer returned $300 of the merchandise sold in Question 4. The goods were returned before the company received payment for the merchandise.
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Intermediate accounting
Authors: J. David Spiceland, James Sepe, Mark Nelson
7th edition
978-0077614041, 9780077446475, 77614046, 007744647X, 77647092, 978-0077647094
