The following information is about a merchandise organization. Write journal entries under perpetual inventory system. July 1st Sold OMR 8,500 of merchandise on credit (Cost OMR 4,500), with terms 3/10, n/30. July 13th the customer returned OMR 75O worth of slightly demanded merchandise to the retailer and received a full refund. The retailer returned the merchandise to its inventory at a cost of OMR 150. July 15th the customer discovered some merchandise was the wrong color and received an allowance from the retailer of OMR 350 July 25th The customer paid the account in full

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The following information is about a
merchandise organization. Write journal
entries under perpetual inventory system.
July 1st Sold OMR 8,500 of merchandise on
credit (Cost OMR 4,500), with terms 3/10,
n/30.
July 13th the customer returned OMR 750
worth of slightly demanded merchandise to
the retailer and received a full refund. The
retailer returned the merchandise to its
inventory at a cost of OMR 150.
July 15th the customer discovered some
merchandise was the wrong color and
received an allowance from the retailer of
OMR 350
July 25th The customer paid the account in
full
Transcribed Image Text:The following information is about a merchandise organization. Write journal entries under perpetual inventory system. July 1st Sold OMR 8,500 of merchandise on credit (Cost OMR 4,500), with terms 3/10, n/30. July 13th the customer returned OMR 750 worth of slightly demanded merchandise to the retailer and received a full refund. The retailer returned the merchandise to its inventory at a cost of OMR 150. July 15th the customer discovered some merchandise was the wrong color and received an allowance from the retailer of OMR 350 July 25th The customer paid the account in full
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