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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text: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
March 1
March 41
March 5
March 51
March 11.
Description
||||
Debit
Credit
Transcribed Image Text: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.
March 1
March 4,
March 5
Description
Debit
Credit
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