Record journal entries for the following sales transactions of Balloon Depot. Mar. 8 Mar. 11 Mar. 18
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Record journal entries for the following sales transactions of Balloon Depot.
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Mar. 8 Mar. 11 Mar. 18 Sold 570 balloon bundles to a customer on credit for $38 per bundle. The cost to Balloon Depot is $25 per bundle. Terms of the sale are 3/10, n/30, invoice dated March 8. The customer returned 70 bundles for a full refund from Balloon Depot. The customer paid their account in full from the March 8 purchase.
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Mar 8 Debit Accounts Receivable 570 x 38 21660 Credit Sales 570 x 38 21660 Deb...View the full answer
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Related Book For
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
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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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