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Current Attempt in Progress Hinds Company sold merchandise to Peter Company on account for $ 1 4 6 , 0 0 0 with credit terms
Current Attempt in Progress
Hinds Company sold merchandise to Peter Company on account for $ with credit terms of n The cost of the
merchandise sold was $ During the discount period, Peter Company returned $ of merchandise and paid its account in
full minus the discount by remitting $ in cash. Both companies use a perpetual inventory system.
Prepare the journal entries that Hinds Company made to record: Credit account titles are automatically indented when the amount is
entered. Do not indent manually. Record journal entries in the order presented in the problem.
the sale of merchandise.
the return of merchandise.
the collection on account.
Transaction Account Titles and Explanation
Debit
Credit
To record credit sale.
To record cost of good sold.
To record returned goods.
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