Prepare journal entries to record each of the following sales transactions of TFC Merchandising TFC uses a perpetual inventory system and the gross method May 1 Sold merchandise for $940, with credit terms n 60 The cost of the merchandise is $570 May 9 The customer discovers slight defects in some ...

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Prepare journal entries to record each of the following sales transactions of TFC Merchandising. TFC uses a

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Prepare journal entries to record each of the following sales transactions of TFC Merchandising. TFC uses a perpetual inventory system and the gross method.

May 1	Sold merchandise for $940, with credit terms n/60. The cost of the merchandise is $570.
May 9	The customer discovers slight defects in some units. TFC gives a price reduction (allowance) and credits the customer's accounts receivable for $74 to compensate for the defects.
June 4	The customer in the May 1 sale returned $160 of merchandise for full credit. The merchandise, which had cost $84, is returned to inventory.
June 30	Received payment for the amount due from the May 1 sale less the May 9 allowance and June 4 return.

Posted Date: May 18, 2024 02:03 PM

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Prepare journal entries to record each of the following sales transactions of TFC Merchandising. TFC uses a

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