The journal entries to record these transactions on Bernad.na Company\'s books u

Question

The journal entries to record these transactions on Bernad.na Company's books under a perpetual inventory system. (Credit account title-; are used. Do not indent manually. Record journal entries in the order presented in the problem.) On March 2, Horst Company sold $906,100 of merchandise to Bernadina Company, terms 3/10, n/30. The cost of the merchandise sold was $544,200, On March 6, Bernadina Company returned $102,800 of the merchandise purchased on March 2. The cost of the merchandise returned was $61,150. On March 12, Horst Company received the balance due from Bernadina Company.

Explanation / Answer

Account Receivbale Dr. 906,100

Sales Cr.906,100

Cost of goods sold Dr.544,200

Inventory Cr.544,200

Sales return Dr.102,800

Account Receivable Cr.102800

Inventory Dr61,150

Cost of goods sold Cr.61150

Cash Dr.779,201

Sales Discount Dr.24,099

Account Receivbale Cr.803,300

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