BE5.4 (LO 3), AP Prepare the journal entries to record the following transactions on Borst Company's books using a perpetual inventory system. Instructions Journalize sales transactions (Seller). On March 2, Borst Company sold $800,000 of merchandise on account to McLeena Company, terms 2/10, n/30. The cost of the merchandise sold was $540,000. а. b. On March 6, McLeena Company returned $140,000 of the merchandise purchased on March 2. The cost of the returned merchandise was $94,000. On March 12, Borst Company received the balance due from McLeena Company. с.

BE5.4 (LO 3), AP Prepare the journal entries to record the following transactions on Borst Company's books using a perpetual inventory system. Instructions Journalize sales transactions (Seller). On March 2, Borst Company sold $800,000 of merchandise on account to McLeena Company, terms 2/10, n/30. The cost of the merchandise sold was $540,000. а. b. On March 6, McLeena Company returned $140,000 of the merchandise purchased on March 2. The cost of the returned merchandise was $94,000. On March 12, Borst Company received the balance due from McLeena Company. с.

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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