Question
Prepare the journal entries to record these transactions on Kingbird Kingbirdbooks under a perpetual inventory system. (Credit account titles are automatically indented when the amount
Prepare the journal entries to record these transactions on Kingbird Kingbirdbooks under a perpetual inventory system. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
(a) | On March 2, Horst Company sold $928,900 of merchandise to Bernadina Company, terms 3/10, n/30. The cost of the merchandise sold was $547,700. | |
(b) | On March 6, Bernadina Company returned $106,100 of the merchandise purchased on March 2. The cost of the merchandise returned was $63,770. | |
(c) | On March 12, Horst Company received the balance due from Bernadina Company |
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Accounting Principles
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
9th Edition
978-0470317549, 9780470387085, 047031754X, 470387084, 978-0470533475
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