Question
Prepare the journal entries to record the following transactions on Benson Company's books. (Note: Benson is the seller, while Edgebrook is the buyer.) On March
Prepare the journal entries to record the following transactions on Benson Company's books.
(Note: Benson is the seller, while Edgebrook is the buyer.)
On March 2, Benson Company sold $800,000 of merchandise to Edgebrook Company, terms 2/10, n/30.
The cost of the merchandise sold was $620,000.
On March 6, Edgebrook Company returned $120,000 of the merchandise purchased on March 2. The cost
of the returned merchandise was $90,000.
On March 12, Benson Company received the balance due from Edgebrook Company.
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Intermediate Accounting 2014 FASB Update
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
15th edition
978-1118938782, 111893878X, 978-1118985311, 1118985311, 978-1118562185, 1118562186, 978-1118147290
