+ Teall Corp. is a publicly traded company and on March 1, sells 1,000 units of...

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+ Teall Corp. is a publicly traded company and on March 1, sells 1,000 units of product at $50/ unit to Crimson Corp. Teall offers 30-day payment terms and full refunds for any undamaged product returned within 90 days. The cost of the items sold is $35 and 3% of items sold are expected to be returned. Assuming that a perpetual inventory system is used, give the journal entries to record the sale revenue and the cost of goods sold on March 1 by Teall. To record sale revenue To record cost of goods sold Debit Credit + Teall Corp. is a publicly traded company and on March 1, sells 1,000 units of product at $50/ unit to Crimson Corp. Teall offers 30-day payment terms and full refunds for any undamaged product returned within 90 days. The cost of the items sold is $35 and 3% of items sold are expected to be returned. Assuming that a perpetual inventory system is used, give the journal entries to record the sale revenue and the cost of goods sold on March 1 by Teall. To record sale revenue To record cost of goods sold Debit Credit

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Journal Entries for Teall Corp on March 1 Sale Revenue Account Debit Credit Desc... View the full answer