Question
Turner Company uses a perpetual inventory system. July 3 Sold $15,400 of merchandise on account to (Smith LLC), credit terms are 2/10, n/30. Cost of
Turner Company uses a perpetual inventory system.
July 3 Sold $15,400 of merchandise on account to (Smith LLC), credit terms are 2/10, n/30. Cost of goods is $9,300.
July 7 Received a $750 sales return from the customer (Smith LLC). Cost of the goods is $435.
July 12 Turner Company receives payment for the customer (Smith LLC) for the amount due from the July 3 sale.
Journalize the (3) transactions for the Seller (Turner Company) and the (3) transactions for the buyer (Smith LLC).
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Fundamental Accounting Principles
Authors: John J Wild, Ken Shaw
25th Edition
1260247988, 978-1260247985
