Lee Company sold merchandise on account to Peart Company for $16,000 on June 3, 2009, with terms
Question:
Lee Company sold merchandise on account to Peart Company for $16,000 on June 3, 2009, with terms 2/10, n/30. On June 7, 2009, Lee Company received $650 of returned merchandise from Peart Company and issued a credit memorandum for the appropriate amount. Lee Company received payment for the balance of the bill on June 21, 2009. Record the necessary journal entries for Lee Company on June 3, June 7, and June 21.
Step by Step Answer:
3 June Accounts receivable Peart Company 16000 Sales 16000 7 June Sa...View the full answer
Financial Accounting
ISBN: 978-0324645576
10th edition
Authors: W. Steve Albrecht, James D. Stice, Earl K. Stice
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A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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