Question
Merchandising Activities (12 points) One Lightning Corp. sold merchandise for $450 which cost them $200 on account. The customer was dissatisfied with some of the
- Merchandising Activities (12 points)
One Lightning Corp. sold merchandise for $450 which cost them $200 on account. The customer was dissatisfied with some of the goods and returned $100 worth (sales price) and received a cash refund.
Instructions:
- What Journal Entries should One Lightning Corp. enter at the time sold and at the time of
the return? Assume that One Lightning Corp. uses a Perpetual Inventory System.
| Date | Account Titles | Debit | Credit | |
| At time of Sale |
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| At time of Return |
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- If One Lightning Corp. uses a Periodic Inventory System, what entries should be made?
| Date | Account Titles | Debit | Credit | ||
| At time of Sale |
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| At time of Return |
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Auditing Practices In Local Governments An International Comparison
Authors: Laurence Ferry, Pasquale Ruggiero
1st Edition
180117086X, 978-1801170864
