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Flag question Journal Entries for Sale, Return, and Remittance-Perpetual System On September 13, Tomas Company sold merchandise with an invoice price of $1,200 ($600
Flag question Journal Entries for Sale, Return, and Remittance-Perpetual System On September 13, Tomas Company sold merchandise with an invoice price of $1,200 ($600 cost), with terms of 2/10, n/30, to Dalton Company. On September 17, $250 of the merchandise ($80 cost) was returned because it was the wrong model. On September 23, Tomas Company received a check for the amount due from Dalton Company. Required Prepare the journal entries made by Tomas Company for these transactions. Tomas uses the perpetual inventory system. Round your answers to the nearest dollar. Date General Journal Description Sept. 13 Accounts Receivable Sales Revenue Sold merchandise to Dalton Company terms 2/10, n/30. 13 Cost of Goods Sold Inventory Cost of merchandise sold to Dalton Company. 17 Sales Returns and Allowances Accounts Receivable Merchandise returned by Dalton Company. 17 Inventory Cost of Goods Sold Cost of merchandise returned by Dalton Company. 23 Cash Sales Discounts Accounts Receivable Remittance received from Dalton Company. th 4 Debit Credit 1.176 0 0 1,176 600 0 0 00 600 0 0 0 0 0 0 0 0 0 0 0 0
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