McGovern Distributing is a merchandising company. Record each of the following transactions related to the company's purch and selling of merchandise: March 1- Purchased merchandise on account for $6,800; terms were 1/10,n/30 March 3 - Paid $200 cash for freight on the March 1 purchase March 6 - Returned merchandise costing $400 (part of the March 1st purchase) March 10 - Paid for merchandise purchased on March 1 March 12 - Sold merchandise on account costing $7,500 for $10O,000 March 15 - Accepted returned merchandise from a customer costing $300 that had been sold on account for $400 March 20 - Received payment from customer for merchandise sold on March 12 View transaction list Journal entry worksheet 1 3 4 8. 9. <> March 1 - Purchased merchandise on account for $6,800; terms were 1/10,n/30

McGovern Distributing is a merchandising company. Record each of the following transactions related to the company's purch and selling of merchandise: March 1- Purchased merchandise on account for $6,800; terms were 1/10,n/30 March 3 - Paid $200 cash for freight on the March 1 purchase March 6 - Returned merchandise costing $400 (part of the March 1st purchase) March 10 - Paid for merchandise purchased on March 1 March 12 - Sold merchandise on account costing $7,500 for $10O,000 March 15 - Accepted returned merchandise from a customer costing $300 that had been sold on account for $400 March 20 - Received payment from customer for merchandise sold on March 12 View transaction list Journal entry worksheet 1 3 4 8. 9. <> March 1 - Purchased merchandise on account for $6,800; terms were 1/10,n/30

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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