Question
(a) On July 1,EssexCorp. sold merchandise on account to Cambridge Inc. for $58,000, terms n/30. The cost of the merchandise sold was $32,000.Essexexpected a return
(a) On July 1,EssexCorp. sold merchandise on account to Cambridge Inc. for $58,000, terms n/30. The cost of the merchandise sold was $32,000.Essexexpected a return rate of 5%. List all debit and credit entries for July 8th.
(b) On July 8, Cambridge returned merchandise worth $2,400toEssex. Its original cost was $1,320. The merchandise was restored to inventory. List all debit and credit entries for July 8th.
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Principles of Financial Accounting chapters 1-17
Authors: John Wild, Ken Shaw, Barbara Chiappetta
23rd edition
1259687740, 1259687747, 978-1259687747
