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Prepare the journal entries to record the following transactions on Horst Companys books using a perpetual inventory system. (Credit account titles are automatically indented when
Prepare the journal entries to record the following transactions on Horst Companys books using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
(a) | On March 2, Horst Company sold $906,100 of merchandise to Bernadina Company, terms 3/10, n/30. The cost of the merchandise sold was $579,500. | |
(b) | On March 6, Bernadina Company returned $108,600 of the merchandise purchased on March 2. The cost of the merchandise returned was $65,430. | |
(c) | On March 12, Horst Company received the balance due from Bernadina Company. |
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