Question

On June 15, Lama Company sold merchandise for $2,600 on terms of n/30 to Cat Company. On June 20, Cat Company returned some of the merchandise for a credit of $600, and on June 25, Cat paid the balance owed. Prepare T accounts to record the sale, return, and receipt of payment under the perpetual inventory system. The cost of the merchandise sold on June 15 was $1,500, and the cost of the merchandise returned to inventory on June 20 was $350.



$1.99
Sales0
Views65
Comments0
  • CreatedSeptember 10, 2014
  • Files Included
Post your question
5000