On June 24, 2003, Hansen Company sold merchandise to Jill Selby for $80,000 with terms 2/10, n/30.
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On June 24, 2003, Hansen Company sold merchandise to Jill Selby for $80,000 with terms 2/10, n/30. On June 30, Selby paid $39,200, receiving the cash discount on her payment, and returned $16,000 of merchandise, claiming that it did not meet contract terms. Assuming that Hansen uses the perpetual inventory method, record the necessary journal entries on June 24 and June 30. The cost of merchandise to Hansen Company is 70% of its selling price.
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Kirti Kaushal
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Related Book For 
Financial Accounting
ISBN: 9780324066708
8th Edition
Authors: W. Steven Albrecht, James D. Stice, Earl Kay Stice, K. Fred Skousen, Albrecht S.E.
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