Question
These are the events occurred in a service company during the year xxx1, using perpetual inventory and net method for the accounting transactions. Prepare the
These are the events occurred in a service company during the year xxx1, using perpetual inventory and net method for the accounting transactions. Prepare the Journal Entry for each transaction (identify the general ledger accounts and the dollars amount for each event).
- February 7-sold merchandise on account for $800, and the cost of this merchandise sold was $560.
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- February 10-returned $500 on defective merchandise (list price) of the purchases dated February 3.
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- February 11-paid the amount due of the purchased realized.
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- February 12-accepted defective products returned that were sold by $150 on February 7, and the cost of these products returned is $110.
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Accounting For Financial Instruments
Authors: Cormac Butler
1st Edition
0470699809, 978-0470699805
