Use a tabular summary to record the following transactions for Borst Company using a perpetual inventory system. a. On March 2, Borst Company sold $800,000 of merchandise to McLeena Company on account. The cost of the merchandise sold was $540,000. b. On March 6, McLeena Company returned $140,000 of the merchandise purchased on March 2. The cost of the merchandise
Chapter 6, Brief Exercises #4
Use a tabular summary to record the following transactions for Borst Company using a perpetual inventory system.
a. On March 2, Borst Company sold $800,000 of merchandise to McLeena Company on account. The cost of the merchandise sold was $540,000.
b. On March 6, McLeena Company returned $140,000 of the merchandise purchased on March 2. The cost of the merchandise returned was $94,000.
c. On March 12, Borst Company received the balance due from McLeena Company.
Compute missing amounts in determining net income.
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