Prepare the journal entries to record the following transactions on Ivanhoe Company's books using a perpetual inventory system. (a) On March 2, Ivanhoe Company sold $840,000 of merchandise on account to Sarasota Company, terms 3/10, n/30. The cost of the merchandise sold was $603,000. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation (To record credit sale) (To record cost of merchandise sold) Debit Credit

Prepare the journal entries to record the following transactions on Ivanhoe Company's books using a perpetual inventory system. (a) On March 2, Ivanhoe Company sold $840,000 of merchandise on account to Sarasota Company, terms 3/10, n/30. The cost of the merchandise sold was $603,000. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation (To record credit sale) (To record cost of merchandise sold) 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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