Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On March 2, Flint Company sold $ 884.000 of merchandise on account to Pina Colada Corp. terms 2/10,n/30. The cost of the merchandise sold was

image text in transcribed

image text in transcribed

On March 2, Flint Company sold $ 884.000 of merchandise on account to Pina Colada Corp. terms 2/10,n/30. The cost of the merchandise sold was $ 556,000. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter Ofor the amounts.) Account Titles and Explanation Debit Credit Inventory 884000 Accounts Payable 884000 eTextbook and Media Assistance Used List of Accounts Attempts: 3 of 3 used (6) Your answer is correct On March 6, Pina Colada Corp. returned $ 88,400 of the merchandise purchased on March 2 The cost of the returned merchandise was $55.600. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit Accounts Payable 88400 Inventory 88400 On March 12, Flint Company received the balance due from Pina Colada Corp. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit Accounts Payable 32800 Cash 32144 Inventory 656

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Advanced Accounting

Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik

10th edition

0-07-794127-6, 978-0-07-79412, 978-0077431808

Students also viewed these Accounting questions