On March 1, Pearl Industries sold merchandise on account to Amelia Company for $30,300, terms 2/10, net 45. On March 6, Amelia returns merchandise with a sales price of $1,200. On March 11, Pearl Industries receives payment from Amelia for the balance due. Prepare journal entries to record the March transactions on Pearl Industries's books. (You may ignore cost of goods sold entries and explanations.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Mar. 11
On March 1, Pearl Industries sold merchandise on account to Amelia Company for $30,300, terms 2/10, net 45. On March 6, Amelia returns merchandise with a sales price of $1,200. On March 11, Pearl Industries receives payment from Amelia for the balance due. Prepare journal entries to record the March transactions on Pearl Industries's books. (You may ignore cost of goods sold entries and explanations.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Mar. 11
Chapter6: Merchandising Transactions
Section: Chapter Questions
Problem 15MC: A customer returns $870 worth of merchandise and receives a full refund. What accounts recognize...
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