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Suppose Peter's Hardware sells merchandise on account, terms 2/10, n/30, for $640 (the cost of the inventory is $360) on March 17, 2018. Peter's Hardware
Suppose Peter's Hardware sells merchandise on account, terms 2/10, n/30, for $640 (the cost of the inventory is $360) on March 17, 2018. Peter's Hardware later received $185 of goods (cost, $110) as sales returns on March 21, 2018. The customer paid the balance due on March 26, 2018. Journalize the March 2018 transactions for Peter's Hardware assuming the "net" method is used. (Record debits first, then credits. Exclude explanations from any journal entries. Round your answers to the nearest cent, X.XX.) Start by journalizing the revenue portion of the sale for Peter's Hardware on March 17. (Do not yet record the cost related to the sale. We will do this in the next journal entry.) Journal Entry Date Accounts Debit Credit Mar 17
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