Prepare the journal entries to record the following transactions on Kwang company's books using a perpetual inventory
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Question:
Prepare the journal entries to record the following transactions on Kwang company's books using a perpetual inventory system.
(a) On March 2, Kwang Company sold $900,000 of merchandise to Sensat Company, terms 2/10, n/30. The cost of the merchandise sold was $620,000.
(b) On March 6, Sensat Company returned $90,000 of the merchandise purchased on March 2. The cost of the returned merchandise was $62,000.
(c) On March 12, Kwang Company received the balance due from Sensat Company.
Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-0470239803
5th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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