On March 1, Lincoln sold merchandise on account to Marigold Company for $29,000, terms 1/10, net 45. On March 6, Marigold returns merchandise with a sales price of $2,400. On March 11, Lincoln receives payment from Marigold for the balance due. Prepare journal entries to record the March transactions on Lincoln's books. (You may ignore cost of goods sold entries and explanations.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit

On March 1, Lincoln sold merchandise on account to Marigold Company for $29,000, terms 1/10, net 45. On March 6, Marigold returns merchandise with a sales price of $2,400. On March 11, Lincoln receives payment from Marigold for the balance due. Prepare journal entries to record the March transactions on Lincoln's books. (You may ignore cost of goods sold entries and explanations.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation 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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