BES-2 Prepare the journal entries to record the following transactions on Rowen Company's books: (a) On March 2, Hunt Company sold $900,000 of merchandise to Rowen Company, terms n/30. The cost of the merchandise sold was $600,000. (b) On March 6, Rowen Company returned $130,000 of the merchandise purchased on March 2 The cost of the returned merchandise was $90,000. The merchandise was returned to inven- tory for future resale. (c) On March 31, Hunt Company received the balance due from Rowen Company.

BES-2 Prepare the journal entries to record the following transactions on Rowen Company's books: (a) On March 2, Hunt Company sold $900,000 of merchandise to Rowen Company, terms n/30. The cost of the merchandise sold was $600,000. (b) On March 6, Rowen Company returned $130,000 of the merchandise purchased on March 2 The cost of the returned merchandise was $90,000. The merchandise was returned to inven- tory for future resale. (c) On March 31, Hunt Company received the balance due from Rowen Company.

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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