Question
Prepare the journal entries to record the following transactions on Sensat Companys books using a perpetual inventory system. On March 2, Kwang Company sold $848,000
On March 2, Kwang Company sold $848,000 of merchandise to Sensat Company, terms 3/10, n/30. The cost of the merchandise sold was $536,000.
On March 6, Sensat Company returned $83,200 of the merchandise purchased on March 2. The cost of the returned merchandise was $60,300.
On March 12, Kwang Company received the balance due from Sensat Company.Account Titles and Explanation Debit Credit.
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Financial Accounting Tools for Business Decision Making
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
5th Edition
9781118560952, 1118560957, 978-0470239803
