On March 15, Monroe Sales sells $9,525.00 on account to Garrison Brewer with terms of 1/10, n/30. The cost of merchandise sold was $6,905.00. (a) Journalize the sale and the recognition of the cost of the sale. (b) On March 20, a $125.00 credit memo is given to Garrison Brewer due to merchandise that was the wrong color. Journalize this event. The cost of the returned merchandise was $65.00. (c) On March 25, Garrison Brewer submits payment in full. Journalize this event.
On March 15, Monroe Sales sells $9,525.00 on account to Garrison Brewer with terms of 1/10, n/30. The cost of merchandise sold was $6,905.00. (a) Journalize the sale and the recognition of the cost of the sale. (b) On March 20, a $125.00 credit memo is given to Garrison Brewer due to merchandise that was the wrong color. Journalize this event. The cost of the returned merchandise was $65.00. (c) On March 25, Garrison Brewer submits payment in full. Journalize this event.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On March 15, Monroe Sales sells $9,525.00 on account to Garrison Brewer with terms of 1/10, n/30. The cost of merchandise sold was $6,905.00.
(a) Journalize the sale and the recognition of the cost of the sale.
(b) On March 20, a $125.00 credit memo is given to Garrison Brewer due to merchandise that was the wrong color. Journalize this event. The cost of the returned merchandise was $65.00.
(c) On March 25, Garrison Brewer submits payment in full. Journalize this event.
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