Suppose Peter's Hardware sells merchandise on account, terms 2/10, n/30, for $640 (cost of the inventory is
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Suppose Peter's Hardware sells merchandise on account, terms 2/10, n/30, for $640 (cost of the inventory is $360) on March 17, 2016. Peter's Hardware later received $185 of goods (cost, $110) as sales returns on March 21, 2016. The customer paid the balance due on March 26, 2016. Journalize the March 2016 transactions for Peter's Hardware?
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Journal DATE ACCOUNTS POST Dr Cr REF Mar17 Accounts Receivable 64000 Sales Revenue 64000 ...View the full answer
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