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Dearbon Industries sells to wholesalers. Customers must pay within 15 days or at the point of sale using a credit card. Dearbom's cost of goods
Dearbon Industries sells to wholesalers. Customers must pay within 15 days or at the point of sale using a credit card. Dearbom's cost of goods sold is 35 % of sales. The company had the following selected transactions during March: Click the icon to view the transactions.) Read the reguirements Requirement 1. Record Dearbom's transactions, including the cost of goods sold entry for each sale. (Use the gross method to record the sales transactions. Record debits first, then credits. Exclude explanations from any joumal entries.) March 3: Sold $25,000 of merchandise to Greenleaf Company account. Do not record e cost of goods sold entry yet. We will do that in the next step Journal Entry i More Info Date Accounts Debit Credit Mar 3 Sold $25,000 of merchandise to Greenleaf Company on account March 3 March 4 Sold $4,000 merchandise to Yardley Corp., who paid by credit card company charges Dearborn a fee of 2% on a ard sales Greenleaf Company returned $5,000 of the merchandise from March 3 March 5 Sold $1,000 of merchandise to Athens, Inc., on account. March 7 i Requirements March 15 Greenleaf Company paid the balance of what it owed for the purchase on March 3 Sold $12,000 of merchandise to Zurich Co. on account. March 19 March 21 1. Record Dearborn's transactions, including the cost each sale. scratched and returned $500 worth of merchandise to Dearbon. Sold $38.000 of merchandise to Niles Co. goods sold entry for account what it owed for the purchase on March March 23 2. Calculate the gross sales revenue t the month. Zurich paid the balance March 25 19. March 31 Print Done will be returned Chocse from an
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