Question
Tsang Corporation operates in a state with no sales tax. The company uses the perpetual inventory system. Identify what would be recorded in the general
Tsang Corporation operates in a state with no sales tax. The company uses the perpetual inventory system.
Identify what would be recorded in the general journal for each entry below:
June 5th: Sold merchandise on account to Benson Company; issued Sales Slip 1200 for $1,065, terms n/30.
The cost of the merchandise sold was $737.
June 15: Recorded cash sales, $2,120. The cost of merchandise sold was $1,538.
June 30: Received payment on account due from Benson Company for the sale on June 5.
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Management and Cost Accounting
Authors: Alnoor Bhimani, Charles T. Horngren, Srikant M. Datar, Madhav V. Rajan
6th edition
1292063467, 978-1292063461
