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
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 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 $84,800 of the merchandise purchased on March 2. The cost of the returned merchandise was $53,600.
On March 12, Kwang Company received the balance due from Sensat Company.Account Titles and Explanation Debit Credit
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Auditing A Practical Approach
Authors: Robyn Moroney, Fiona Campbell, Jane Hamilton
3rd Edition
0730364577, 978-0730364573
