Question
Record the following transactions for Wheeler Company: Wheeler sold $2,000 of merchandise to Ellis Inc., terms 2/10, n/30. Eliis returned $400 of the merchandise to
| Record the following transactions for Wheeler Company: | |||
| Wheeler sold $2,000 of merchandise to Ellis Inc., terms 2/10, n/30. | |||
| Eliis returned $400 of the merchandise to Wheeler. | |||
| Wheeler receives payment from Ellis. | |||
I need help with this problem. I am not sure what entries to make with the sold merchandise and the return one.
I think that it would be
sold merchandise debit 2000
return sales and allowances credit 400?
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Financial Accounting Version 3.1
Authors: Joe Ben Hoyle, C.J. Skender, Leah Kratz
1st Edition
1453339442, 9781453339442
