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/3O 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 $13,000 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

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/3O 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 $13,000 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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Prepare journal entries to record each of the following transactions of a merchandising company. The company uses a perpetual inventory system and the gross method. November 5 Purchased 1,200 units of product at a cost of $10 per unit. Terms of the sale are 4/10, n/60; the invoice is dated November 5. November 7 Returned 35 defective units from the November 5 purchase and received full credit. November 15 Paid the amount due from the November 5 purchase, minus the return on November 7. View transaction list Journal entry worksheet 1 2 3 Purchased 1,200 units of product at a cost of $10 per unit. Terms of the sale are 4/10, n/60; the invoice is dated November 5. Note: Enter debits before credits. Date General Journal Debit Credit Nov 05 Record entry Clear entry View genera
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