terms 2/10, n/30. The cost of the merchandise sold was $568,000. (Credit account

Question

terms 2/10, n/30. The cost of the merchandise sold was $568,000. (Credit account titles and enter 0 for On March 2, Sheffield Company sold $835,000 of merchandise on account to Marigold Corp, titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the accouunt s are automatically indented when amount is entered. Do not indent manually,. If no enty is required, select "No Entry" for the account titles and enter o for the amounts.) ned rchandise was $56,800 (Credit acc unt tit On March 6, Marigold Corp. returned $83,500 of the merchandise purch ased on March 2. The cost of the et Debit On March 12, Sheffield Company received the balance due from Marigold Corp.. (Credit account titles are automatically Indented when amount is entered. Do not indent manually. I no entry is required, select "No Entry for the account titles and enter 0 for the amounts.)

Explanation / Answer

Journal Entries for seller Date Account titles & Explanations Debit Credit 2-Mar Account receivable 835,000 sales 835,000 cost of goods sold 568,000 Merchandise inventory 568,000 6-Mar Sales return & allowance 83,500 Account receivable 83,500 Merchandise inventory 56,800 cost of goods sold 56,800 12-Mar Cash (751500*98%) 736470 Sales discount 15,030 Accounts receivable (835000-83500) 751,500

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