Prepare the journal entries to record the following transactions on Borst Company's books using a perpetual inventors'

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Prepare the journal entries to record the following transactions on Borst Company's books using a perpetual inventors' system.

(a) On March 2, Borst Company sold $800,000 of merchandise to McLeena Company, terms 2/10, n/30. The cost of the merchandise sold was $540.000.

(b) On March 6, McLeena Company returned $ 140,000 of the merchandise purchased on March 2. The cost of the merchandise returned was $94,000.

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Accounting Tools for Business Decision Making

ISBN: 978-1118096895

6th edition

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

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