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Financial information is presented below: The gross profit rate would be 0.75. 0.2. 0.05. 0.25 (a) On March 2, Borst Company sold $800,000 of merchandise
Financial information is presented below: The gross profit rate would be 0.75. 0.2. 0.05. 0.25 (a) On March 2, Borst Company sold $800,000 of merchandise to Mcleena Company on account, terms 2/10,n/30. The cost of the merchandise sold was $540,000. (b) On March 6, Mcteena Company retumed $140,000 of the merchandise purchased on March 2. The cost of the merchandise returned was $94,000. (c) On March 12, Borst Company recelved the balance due from Mcleena Company. On January 10, Molly Amiseuses her Lawton Co. credit card to purchase merchandise from Lawton Co. for $1,700. On February 10 , Molly is billed for the amount due of $1,700. On February 12, Molly pays \$1,100 on the balance due. On March 10 , Molly is billed for the amount due, including interest at 1% per month on the unpaid balance as of February 12. Prepare the entries on Lawton Co:s books related to the transactions that occurred on January 10, February 12, and March 10. (Omit cost of goods sold entries) (Round answers to 0 decimol ploces, 25. 825, Credit account titles are putomaticolly indented when amount is entered. Do not indent manwolly. Record joumal entries in the order presented in the problem/
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