From the information in BE5-3, In BE5-3, Prepare the journal entries to record the following transactions on
Question:
(a) On March 2, Kwang Company sold $900,000 of merchandise to Sensat Company, terms 2/10, n/30. The cost of the merchandise sold was $620,000.
(b) On March 6, Sensat Company returned $90,000 of the merchandise purchased on March 2. The cost of the returned merchandise was $62,000.
(c) On March 12, Kwang Company received the balance due from Sensat Company.
Prepare the journal entries to record these transactions on Sensat Company’s books under a perpetual inventory system.
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a Inventory 900000 Accounts Payable 90...View the full answer
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Related Book For 
Accounting Principles
ISBN: 9781118566671
11th Edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
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