(a) (b) (c) March 2 On March 2, Teal Mountain Company sold $887,400 of merchandise to...

 

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(a) (b) (c) March 2 On March 2, Teal Mountain Company sold $887,400 of merchandise to Sandhill Company on account, terms 2/10, n/30. The cost of the merchandise sold was $571,700. Date March 6 On March 6, Sandhill Company returned $103,200 of the merchandise purchased on March 2. The cost of the merchandise returned was $62,500. On March 12, Teal Mountain Company received the balance due from Sandhill Company. March 12 V Account Titles and Explanation Accounts Receivable Sales Revenue Cost of Goods Sold Inventory Cash Debit 887400 62500 768516 Credit 887400 571700 (a) (b) (c) March 2 On March 2, Teal Mountain Company sold $887,400 of merchandise to Sandhill Company on account, terms 2/10, n/30. The cost of the merchandise sold was $571,700. Date March 6 On March 6, Sandhill Company returned $103,200 of the merchandise purchased on March 2. The cost of the merchandise returned was $62,500. On March 12, Teal Mountain Company received the balance due from Sandhill Company. March 12 V Account Titles and Explanation Accounts Receivable Sales Revenue Cost of Goods Sold Inventory Cash Debit 887400 62500 768516 Credit 887400 571700

Answer rating: 100% (QA)

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