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Record journal entries for the following transactions for Captain Harry Outfitters. 1. Captain Harry Outfitters returned 3 damaged tents for

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Record journal entries for the following transactions for Captain Harry Outfitters. 

1. Captain Harry Outfitters returned 3 damaged tents for $300 to Camp Supplies, Inc. The purchase was on account. 

2. Captain Harry Outfitters received an allowance from Handsome Hats Company of $100 for 5 hats that were the wrong color. The purchase was on account. 3. Captain Harry Outfitters returned 25 rain ponchos for $50. Captain Harry Outfitters paid cash. 

4. Captain Harry Outfitters paid the balance due on tents that were originally purchased for $10,000 from Camp Supplies, Inc. The credit terms were 2/10, n/30, and the payment was made within the discount period. 

5. Captain Harry Outfitters paid for the balance due on hats that were originally purchased for $1,000 from Handsome Hats Company. The credit terms were 1/10, n/30, and the payment was not made within the discount period.

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College Accounting

College Accounting

ISBN: 9781119405962

1st Edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Deanna C. Martin, Jill E. Mitchell

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Question Details
Chapter # 7
Section: DO IT! Exercises
Problem: 3
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Question Posted: December 30, 2019 05:42:13
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A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit

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