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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![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 $10,000
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
4
6
7
9.
<>
March 1 - Purchased merchandise on account for $6,800; terms were
1/10,n/30
Note: Enter debits before credits.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1892b7c7-d26b-4856-9459-f88a8ccb422e%2F56c99a00-7c0f-4f86-bde9-4fb05fbffebb%2Fd6j71t2_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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 $10,000
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
4
6
7
9.
<>
March 1 - Purchased merchandise on account for $6,800; terms were
1/10,n/30
Note: Enter debits before credits.
![Journal entry worksheet
1
>
March 1 - Purchased merchandise on account for $6,800; terms were
1/10,n/30
Note: Enter debits before credits.
A
В
C
S.No/Date
Account Title
Debit
Credit
1
1
Inventory
6,800
2
Cash
6,800
6.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1892b7c7-d26b-4856-9459-f88a8ccb422e%2F56c99a00-7c0f-4f86-bde9-4fb05fbffebb%2F2dxmz1h4_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Journal entry worksheet
1
>
March 1 - Purchased merchandise on account for $6,800; terms were
1/10,n/30
Note: Enter debits before credits.
A
В
C
S.No/Date
Account Title
Debit
Credit
1
1
Inventory
6,800
2
Cash
6,800
6.
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