Answered

At Westonci.ca, we connect you with experts who provide detailed answers to your most pressing questions. Start exploring now! Join our Q&A platform to connect with experts dedicated to providing accurate answers to your questions in various fields. Experience the convenience of finding accurate answers to your questions from knowledgeable experts on our platform.

On March 12, Klein Company, Inc. sold merchandise in the amount of $7,800 to Babson Company, with credit terms of 2/10, n/30. The cost of the items sold is $4,500. Klein uses the perpetual inventory system. On March 15, Babson returns some of the merchandise. The selling price of the returned merchandise is $600 and the cost of the merchandise returned is $350. The entry or entries that Klein must make on March 15 is:

Sagot :

Parrain

Answer:

Date                 Account Title                                       Debit                  Credit

March 15,         Sales returns and allowances          $600

                         Accounts Receivable                                                     $600

                         Merchandise Inventory                     $350

                         Cost of Goods Sold                                                         $350  

We hope you found what you were looking for. Feel free to revisit us for more answers and updated information. We appreciate your time. Please revisit us for more reliable answers to any questions you may have. We're dedicated to helping you find the answers you need at Westonci.ca. Don't hesitate to return for more.