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Prepare the journal entries to record the following transactions on Markowitz Company's books using a perpetual inventory system. • On February 6, Markowitz Company sold $105,000 of merchandise to the Lyman Company, terms 2/10, net /30. The cost of the merchandise sold was $70,000. • On February 8, the Lyman Company returned $14,000 of the merchandise purchased on February 6. The cost of the merchandise returned was $9,000. • On February 16, Markowitz Company received the balance due from the Lyman Company.

Prepare the journal entries to record the following transactions on Markowitz Company's books using a perpetual inventory system. • On February 6, Markowitz Company sold $105,000 of merchandise to the Lyman Company, terms 2/10, net /30. The cost of the merchandise sold was $70,000. • On February 8, the Lyman Company returned $14,000 of the merchandise purchased on February 6. The cost of the merchandise returned was $9,000. • On February 16, Markowitz Company received the balance due from the Lyman Company.

FINANCIAL ACCOUNTING
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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Q2 : Prepare the journal entries to record the following transactions on Markowitz Company's books using a perpetual inventory system. • On February 6, Markowitz Company sold $105,000 of merchandise to the Lyman Company, terms 2/10, net /30. The cost of the merchandise sold was $70,000. • On February 8, the Lyman Company returned $14,000 of the merchandise purchased on February 6. The cost of the merchandise returned was $9,000. • On February 16, Markowitz Company received the balance due from the Lyman Company.
Transcribed Image Text:Q2 : Prepare the journal entries to record the following transactions on Markowitz Company's books using a perpetual inventory system. • On February 6, Markowitz Company sold $105,000 of merchandise to the Lyman Company, terms 2/10, net /30. The cost of the merchandise sold was $70,000. • On February 8, the Lyman Company returned $14,000 of the merchandise purchased on February 6. The cost of the merchandise returned was $9,000. • On February 16, Markowitz Company received the balance due from the Lyman Company.
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