Answered step by step
Verified Expert Solution
Question
1 Approved Answer
any quick help? On March 12, kein Company sold merchandise in the amount of $8.900 to Babson Company with credit terms of 210, 1/30 The
any quick help?
On March 12, kein Company sold merchandise in the amount of $8.900 to Babson Company with credit terms of 210, 1/30 The cost of the tems sold is $5,000 Klein uses the per Inventory system and the net method of accounting for sales. On March 15, Babson retums some of the merchandise, which is not defective. The selling price of the returned merchandise is $700 and the cost of the merchandise returned is $400. The entry or entries that Klein must make on March 15 s fares Multe Chalce GOL S retur ACC Tecevable Merchandise inventor COCO 400 63 sales returned once EBS receive her tony Cotton 100 13 CV sales return ONES 6B Sales returns and allowances Accounts receivable Ferchandise inventory cost of goods sold 392 295 ACCOUNT receivable Se returns 700 Ted Accounts rece Sales returns and Dances Cost of Good Sold Predse inventory 40 so sales returns and allowances Accounts receivable Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started