Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please help :) a) McKensey Company purchased on 6/1/2022 merchandise on account from Bailey Office Supplier $185,000, with terms of 2/10,n/30. McKensey returned $6,000 of
please help :)
a) McKensey Company purchased on 6/1/2022 merchandise on account from Bailey Office Supplier $185,000, with terms of 2/10,n/30. McKensey returned $6,000 of merchandise on 6/9/2022. Pai account as payment in full balance on 6/10/2020. McKensey uses a perpetual inventory system. the journal entries that McKensey Company made to record: (1) the purchase of merchandise. (2) the return of merchandise. (3) the payment on account. (b) Vouter Company sold merchandise to Peter Company on 7/10/2020 on account for $150,000 with credit terms of 3/15,n/30. The cost of the merchandise sold was $90,000. On 7/18/2020, Peter Company returned $6,000 of merchandise and paid its account in full on 7/25/2020 in cash. Both companies use a perpetual irventory system. Prepare the journal entries that Vouter Company made to record: (1) the sale of merchandise. (2) the return of merchandise. (3) the collection on accountStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started