Journalize the following transactions for Acme Corporation: March 1 Acme Corporation sold $124,300 of merchandise on account to W.E. Coyote Co. with credit terms of 2/10, n/30, FOB Shipping Point. Cost of merchandise sold was $73,700. March 4 Acme Corporation paid $160 shipping charges to benefit W.E. Coyote Co., charges were added to the bill. March 5 W.E. Coyote Co. returns $20,300 of damaged merchandise. The cost of merchandise returned was $11,300. March 11 W.E. Coyote Co. paid the amount owed, less return and discount. Date March 1 Description Debit Credit

Journalize the following transactions for Acme Corporation: March 1 Acme Corporation sold $124,300 of merchandise on account to W.E. Coyote Co. with credit terms of 2/10, n/30, FOB Shipping Point. Cost of merchandise sold was $73,700. March 4 Acme Corporation paid $160 shipping charges to benefit W.E. Coyote Co., charges were added to the bill. March 5 W.E. Coyote Co. returns $20,300 of damaged merchandise. The cost of merchandise returned was $11,300. March 11 W.E. Coyote Co. paid the amount owed, less return and discount. Date March 1 Description Debit Credit

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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