Question: Prepare the journal entries to record the following transactions on Benson Company's books using a perpetual inventory system. (a) On March 2, Benson Company sold

Prepare the journal entries to record the following transactions on Benson Company's books using a perpetual inventory system.
(a) On March 2, Benson Company sold $800,000 of merchandise to Edgebrook Company, terms 2/10, n/30. The cost of the merchandise sold was $620,000.
(b) On March 6, Edgebrook Company returned $120,000 of the merchandise purchased on March 2. The cost of the returned merchandise was $90,000.
(c) On March 12, Benson Company received the balance due from Edgebrook Company.

Step by Step Solution

★★★★★

3.32 Rating (164 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

a Accounts Receivable 800000 Sales Revenue 800000 Cost of Goods S... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Document Format (1 attachment)

Word file Icon

221-B-A-M-B (1184).docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

Q:

Prepare the journal entries to record the following transactions on Ramirez Companys books using a perpetual inventory system. (a) On March 2 Ramirez Company sold $800,000 of merchandise to Ikerd...

Q:

Prepare the journal entries to record the following transactions on Kwang Companys books using a perpetual inventory system. (a) On March 2, Kwang Company sold $900,000 of merchandise to Sensat...

Q:

Prepare the journal entries to record the following transactions on Horst Companys books using a perpetual inventory system. (a) On March 2, Horst Company sold $800,000 of merchandise to Bernadina...

Q:

As societys cost of disposing of trash increases over time, recycling rates should automatically increase as well. Discuss.

Q:

Suppose that the public's taste changes in such a way that leisure comes to be more desirable than commodities. How would you expect such a change to affect output, employment, and the real wage in...

Q:

Consider the following recursive function, which is related to a famous unsolved problem in number theory, known as the Collatz problem, or the 3n+1 problem: public static void collatz(int n) {...

Q:

1. Understand why a psychological analysis of gender-neutral and gender-specific factors is important to understand female offending behaviour

Q:

On February 15, 2010, Tropical Connection Company, a garden retailer, purchased $25,000 of seed, terms 2/10, n/30, from Midwest Seed Co. Even though the discount period had expired, Lydia DeLay...

Q:

Together, the income statement and balance sheet answer two basic questions. What are they?

Q:

A researcher is interested in how episodes which prime mortality salience (events that trigger thoughts about death) may trigger physical symptoms and anxiety, and may be related to the tendency to...

Q:

List the advantages that vending offers in meeting guest and client needs. LO1

Q:

An automobile manufacturer based in Lexington, Kentucky, wants to move production jobs from Japan to Mexico so that it can be more responsive to changing demands in its North American markets. Which...

Q:

Two weeks after they were told about the city's proposal to demolish the neighborhood playground and build a parking lot, Diana approached Tony as they were heading to another neighborhood...

Q:

#3. Test to see if there is a significant difference between the age of the participant and the age of the partner. Use a paired-sample t-test and an alpha level of 1%. How would you interpret the...

Q:

In the document the Irish Building Regulations TGD Part L What limitations does the document have

Q:

don't copy paste previous answers i am already report that answers Noah and Kelly know that small businesses need to have a presence on the web to attract customers. However, they are not sure how...

Q:

5.9 Consider a simple random sample of size n with r respondents and m = nr nonrespondents, and let yR and s2 R be the sample mean and variance of the respondents data, and yNR and s2 NR be the...

Q:

[a] Two foam blocks, each with a charge of 19 micro coulombs (1 C = 10-6 C), are both held in place 19 cm apart in the east-west direction. A foam ball with a charge 49 C is placed 55 cm north of the...

Q:

Solve the systems in Problems \(27-38\) by the addition method. \(\left\{\begin{array}{l}x+y=16 \\ x-y=10\end{array}ight.\)

Q:

What is the difference between gross pay and net pay? Which amount should a company record as wages or salaries expense?

Q:

What is the difference between gross pay and net pay? Which amount should a company record as wages or salaries expense?

Q:

What is the difference between gross pay and net pay? Which amount should a company record as wages or salaries expense?

Q:

Problem 5 - 2 Present Value and Multiple Cash Flows [ LO 1 ] Investment X offers to pay you $ 5 , 3 0 0 per year for 9 years, whereas Investment Y offers to pay you $ 7 , 2 0 0 per year for 5 years....

Q:

You are choosing between these four investments and you want to be 95% certain that you do not lose more than 18.00% on your investment. Which investments could you choose? Which of the following...

Q:

Which of the following statements on the central bank's role in ensuring the smooth transfer and settlement of payments and securities . ( select all that might apply ) A central bank may establish...

Related Book

Financial and managerial accounting 1st edition by Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso