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July 12: Purchased office equipment on account from MLR Co., $1,400. Date Jul. 12 Account Titles Date Jul. 13 Debit July 13: Made refunds to cash customers, $190, for defective merchandise. The cost of defective merchandise was $30. Journalize the refund. Do not record the expense related to the refund. We will do that in the following step. Account Titles Credit Debit Credit

July 12: Purchased office equipment on account from MLR Co., $1,400. Date Jul. 12 Account Titles Date Jul. 13 Debit July 13: Made refunds to cash customers, $190, for defective merchandise. The cost of defective merchandise was $30. Journalize the refund. Do not record the expense related to the refund. We will do that in the following step. Account Titles Credit Debit Credit

FINANCIAL ACCOUNTING
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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IL July 12: Purchased office equipment on account from MLR Co., $1,400. Date Jul. 12 Account Titles Date Jul. 13 Debit July 13: Made refunds to cash customers, $190, for defective merchandise. The cost of defective merchandise was $30. Journalize the refund. Do not record the expense related to the refund. We will do that in the following step. Account Titles Credit Debit Credit
Transcribed Image Text:IL July 12: Purchased office equipment on account from MLR Co., $1,400. Date Jul. 12 Account Titles Date Jul. 13 Debit July 13: Made refunds to cash customers, $190, for defective merchandise. The cost of defective merchandise was $30. Journalize the refund. Do not record the expense related to the refund. We will do that in the following step. Account Titles Credit Debit Credit
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