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On October 5, Ivanhoe Company buys merchandise on account from Metlock Company. The selling price of the goods is...

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On October 5, Ivanhoe Company buys merchandise on account from Metlock Company. The selling price of the goods is $6,330, and the cost to Metlock Company is $4,030. On October 8, Ivanhoe returns defective goods with a selling price of $750 and a scrap value of $330. Record the transactions on the books of Metlock Company, assuming a perpetual approach. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Account Titles and Explanation Date Oct. 5 Oct. 8 (To record credit sales) Accounts Payable (To record cost of goods sold on account) (To record credit granted for receipt of returned goods) (To record scrap value of goods returned) Debit 750 Credit 750

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Statistical Techniques in Business and Economics

Statistical Techniques in Business and Economics

ISBN: 978-0078020520

16th edition

Authors: Douglas Lind, William Marchal

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Posted Date: January 04, 2021 14:17:59
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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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