Tony Stark uses a perpetual inventory system. Tony uses the net method to record sales discounts....
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Tony Stark uses a perpetual inventory system. Tony uses the net method to record sales discounts. On October 1, Tony Stark sells merchandise to Hawkeye, with credit terms 2/10, n/30. The selling price of the merchandise was $18,000. The cost of the merchandise sold was $11,000. On October 5, Hawkeye returned $900 of the merchandise to Tony Stark. The cost of the returned merchandise is $500. On October 8, Hawkeye paid Tony Stark the balance due. Prepare Tony Stark's October 8 journal entry. Tony Stark uses a perpetual inventory system. Tony uses the net method to record sales discounts. On October 1, Tony Stark sells merchandise to Hawkeye, with credit terms 2/10, n/30. The selling price of the merchandise was $18,000. The cost of the merchandise sold was $11,000. On October 5, Hawkeye returned $900 of the merchandise to Tony Stark. The cost of the returned merchandise is $500. On October 8, Hawkeye paid Tony Stark the balance due. Prepare Tony Stark's October 8 journal entry.
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Journal entry on October 8 Date Particulars Debit Credit Cash 167... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
Posted Date:
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