Use a tabular summary to record the following transactions for Borst Company using a perpetual inventory system.
Question:
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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Cash received Sales Sales rtns allow 800000 140000 a Mar 2 2 b ...View the full answer
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