Refer to the data in PE 6-3. Assume a customer found that 15 of the books were
Question:
Refer to the data in PE 6-3. Assume a customer found that 15 of the books were misprinted and returned the 15 books for a refund. Prepare the journal entry necessary in the records of the selling company to record the receipt of the returned books assuming that
(1) The books were returned by a cash customer and
(2) The books were returned by a credit customer.
Data from PE 6-3
Make the journal entry necessary to record the sale of 175 books at $29 per book. Ninety-five of the books were sold for cash, and 80 were sold on credit.
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Accounting concepts and applications
ISBN: 978-0538745482
11th Edition
Authors: Albrecht Stice, Stice Swain
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