FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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McGovern Distributing is a merchandising company. Record each of the following transactions related to the company's purchasing
and selling of merchandise:
March 1- Purchased merchandise on account for $9,000; terms were 3/10,n/30
March 3 - Paid $200 cash for freight on the March 1 purchase
March 6 - Returned merchandise costing $700 (part of the March 1st purchase)
March 10 - Paid for merchandise purchased on March 1
March 12 - Sold merchandise on account costing $9,750 for $13,00O
March 15 - Accepted returned merchandise from a customer costing $225 that had been sold on account for $300
March 20 - Received payment from customer for merchandise sold on March 12
View transaction list
View journal entry worksheet
A
B
D
E
No
S.No/Date
Account Title
Debit
Credit
1
2
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Transcribed Image Text:McGovern Distributing is a merchandising company. Record each of the following transactions related to the company's purchasing and selling of merchandise: March 1- Purchased merchandise on account for $9,000; terms were 3/10,n/30 March 3 - Paid $200 cash for freight on the March 1 purchase March 6 - Returned merchandise costing $700 (part of the March 1st purchase) March 10 - Paid for merchandise purchased on March 1 March 12 - Sold merchandise on account costing $9,750 for $13,00O March 15 - Accepted returned merchandise from a customer costing $225 that had been sold on account for $300 March 20 - Received payment from customer for merchandise sold on March 12 View transaction list View journal entry worksheet A B D E No S.No/Date Account Title Debit Credit 1 2
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