On March 2, Sandhill Company sold $815,000 of merchandise on account to Monty Company, terms 4/10, n/30. The cost of the merchandise sold was $521,000On March 6, Monty Company returned $81,500 of the merchandise purchased on March 2. The cost of the returned merchandise was $60,300 (Those are for reference, part one and part two)The picture is part 3 and needs to be answered (b)On March 6, Cheyenne Company returned $92,900 of the merchandise purchased on March 2. The cost of the returned merchandise was $55,800. (Credit account titles are automatically indented whenamount is entered. Do not indent manually.)Account Titles and ExplanationDebitCredit(To record merchandise returned)(To record cost of merchandise returned)

Journal entry is the primary entry that records the financial transactions initially.

Answered: v (b) On March 6, Cheyenne Company…

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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On March 2, Sandhill Company sold $815,000 of merchandise on account to Monty Company, terms 4/10, n/30. The cost of the merchandise sold was $521,000

On March 6, Monty Company returned $81,500 of the merchandise purchased on March 2. The cost of the returned merchandise was $60,300

(Those are for reference, part one and part two)

The picture is part 3 and needs to be answered

(b)
On March 6, Cheyenne Company returned $92,900 of the merchandise purchased on March 2. The cost of the returned merchandise was $55,800. (Credit account titles are automatically indented when
amount is entered. Do not indent manually.)
Account Titles and Explanation
Debit
Credit
(To record merchandise returned)
(To record cost of merchandise returned)

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