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Record the above transactions on Mason's books, including any cost of goods sold entries. (Credit account titles are automatically Indented when the amount is entered. Do not indent manually. If no entry is required select Mo Entry for the account ttles and enter 0 for the mounts Record journal entries in the order presented in the problem. List all debit entries before credit entries) Date Account Titles and Explanation (To record sales) (To record cost of goods sold) (To record merchandise returned) Debit Credit

Record the above transactions on Mason's books, including any cost of goods sold entries. (Credit account titles are automatically Indented when the amount is entered. Do not indent manually. If no entry is required select Mo Entry for the account ttles and enter 0 for the mounts Record journal entries in the order presented in the problem. List all debit entries before credit entries) Date Account Titles and Explanation (To record sales) (To record cost of goods sold) (To record merchandise returned) Debit Credit

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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Selected transactions for Mason Corporation follow: Aug. 2 13 26 28 Sold $15,000 of merchandise to Vanderbilt Inc., terms n/30. Mason uses a perpetual inventory system and the cost of the goods sold was $9,000. Mason's management expects a return rate of 6%. Merchandise with a selling price of $750 was returned by Vanderbilt because it was the wrong size. A credit was provided to Vanderbilt. The cost of the merchandise returned was $450. The returned goods were in saleable condition and returned to inventory. Received a partial payment of $10,500 from Vanderbilt. Made sales of $7,500 on account to Reisen Ltd., terms n/30. The cost of the goods sold was $4,500. Mason's management expects a return rate of 6%.
Transcribed Image Text:Selected transactions for Mason Corporation follow: Aug. 2 13 26 28 Sold $15,000 of merchandise to Vanderbilt Inc., terms n/30. Mason uses a perpetual inventory system and the cost of the goods sold was $9,000. Mason's management expects a return rate of 6%. Merchandise with a selling price of $750 was returned by Vanderbilt because it was the wrong size. A credit was provided to Vanderbilt. The cost of the merchandise returned was $450. The returned goods were in saleable condition and returned to inventory. Received a partial payment of $10,500 from Vanderbilt. Made sales of $7,500 on account to Reisen Ltd., terms n/30. The cost of the goods sold was $4,500. Mason's management expects a return rate of 6%.
Record the above transactions on Mason's books, including any cost of goods sold entries. (Credit account titles are automatically Indented when the amount is entered. Do not indent manually. If no entry is required select "No Entry for the account titles and enter for the amounts Record journal entries in the order presented in the problem. List all debit entries before credit entries) Date Account Titles and Explanation (To record sales) (To record cost of goods sold) (To record merchandise returned) (To record return of merchandise to inventory) To record sales) To record cost of goods sold) Debit Credit
Transcribed Image Text:Record the above transactions on Mason's books, including any cost of goods sold entries. (Credit account titles are automatically Indented when the amount is entered. Do not indent manually. If no entry is required select "No Entry for the account titles and enter for the amounts Record journal entries in the order presented in the problem. List all debit entries before credit entries) Date Account Titles and Explanation (To record sales) (To record cost of goods sold) (To record merchandise returned) (To record return of merchandise to inventory) To record sales) To record cost of goods sold) Debit Credit
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