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------------------- On March 6, Skysong, Inc. returned $93,200 of the merchandise purchased on March 2. The cost of the returned merchandise was $59,200. (Credit account
------------------- On March 6, Skysong, Inc. returned $93,200 of the merchandise purchased on March 2. The cost of the returned merchandise was $59,200. (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 Information related to Novak Corp. is presented below. 1. 2. On April 5, purchased merchandise on account from Sarasota Company for $28,700, terms 3/10, net/30, FOB shipping point. On April 6, paid freight costs of $600 on merchandise purchased from Sarasota. On April 7purchased equipment on account for $29,700. On April 8, returned $3,400 of merchandise to Sarasota Company. On April 15, paid the amount due to Sarasota Company in full. 3. 4. 5. Assume that Novak Corp.paid the balance due to Sarasota Company on May 4 instead of April 15. Prepare the journal entry to record this payment. (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.) Date Account Titles and Explanation Debit Credit
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