Journalize sales transactions. BE5.4 (LO 3), AP Prepare the journal entries to record the following transactions on Borst Company's books using a perpetual inventory system. a. 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. 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. c. On March 12, Borst Company received the balance due from McLeena Company. Journalize purchase transactions.

Journalize sales transactions. BE5.4 (LO 3), AP Prepare the journal entries to record the following transactions on Borst Company's books using a perpetual inventory system. a. 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. 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. c. On March 12, Borst Company received the balance due from McLeena Company. Journalize purchase transactions.

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Description: ### Journalizing Sales Transactions**BE5.4 (LO3), AP:** Prepare the journal entries to record the following transactions on Borst Company’s books using a perpetual inventory system.a. On March 2, Borst Company sold $800,000 of merchandise on account

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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