Question
QUESTION 12 Use the following chart of accounts: Chart of Accounts: Cash (101), Accounts Receivable (102), Merchandise Inventory (103), Equipment (110), Accounts Payable (201), Capital
QUESTION 12
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Use the following chart of accounts: Chart of Accounts: Cash (101), Accounts Receivable (102), Merchandise Inventory (103), Equipment (110), Accounts Payable (201), Capital (301), Sales (401), Sales Discounts and Allowances (402), Cost of Goods sold (501), Misc. Expenses (503)
On March 15, Babson returns some of the merchandise, which is not defective. The selling price of the returned merchandise is $600 and the cost of the merchandise returned is $350. Make Kleins entry(ies) for this transaction.
Clearly explain the accounts and amounts to be debited or credited. This question is eligible for partial credit
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