Question: How do you get the number for part C? I've tried multiplying all of the debits by .02 but cannot seem to get the correct
How do you get the number for part C? I've tried multiplying all of the debits by .02 but cannot seem to get the correct numbers.


Prepare the journal entries to record the following transactions on Monroe Company's books using a perpetual inventory system. (a) On March 2, Monroe Company sold $900,000 of merchandise to Churchill Company, terms 2/10, I1/30. The cost of the merchandise sold was $620,000. om_ IEliT'r I|"ih imam mu! _ -_ :llllllllll 050 OOIS 0 n H\" ' erc anuse nven or muuim (b) On March 6, Churchill Company returned $120,000 of the merchandise purchased on March 2 because it was defective. The cost of the returned merchandise was $90,000. Imw mh ;- a a , , , , 7' 'H CCOUHSEelvae will\" ~'LEJI[IEJJJ!JETt-lm_ f~'l!llml \"mm [5 _ _mii ' OI'ECOI'I COS O IIIEI'C anulse SO L _ (c) On March 12, Monroe Company received the balance due from Churchill Company. (List multiple debit/credit entries in descending order of amount.) 3mm m_ ]E!* mh w _ ' ccoun secelva- e _ 7"\
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
