Prepare the journal entries to record the following transactions on Borst Company's books using a perpetual inventors'
Question:
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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Related Book For 
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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