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Instructions On March 1, Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account, $254,500, terms n/30. The cost of the merchandise sold S152.700. Showcase Co. issues a rmerchandise returned prior to Balboa Co. paying the original invoice on March 29. The cost of the merchandise returned is $17,500. credit memo on March 5 for $30.000 Journalze Showcase Co. 's entries for (a) the sale, inciuding t cost of the merchandise sold, (b) the credit memo, inciuding the cost of the returned merchandise, and (c) the receipt of the the Chart of Accounts for exact wordng of account titles. check for the amount due from Baboa Co. Refer Chart of Accounts CHART OF ACCOUNTS Showcase Co. General Ledger ASSETS REVENUE 410 Sales 110 Cash 121 Accounts Receivable-Balboa Co. 610 Rent Revenue 125 Notes Receivable 130 Merchandise Inventory EXPENSES 501 Cost of Merchandise Sold 131 Estimated Returns Inventory Journal Journalze Showcase Co. 's entries for (a) the sale, including the cost the merchandise sold, (b) the creait memo, inciuding the cost of the returned merchandise, and (c) the receipt of the check for the amount due from Babog Co. Refer the Chart Accounts for exact wording of account tites. PAGE 10 JOURNAL IATI E TIES POST, REF DATE DESCRIPTION DEBI CREDIT ASSETS FQUITY Accounts Receivable-Balboa Co. 254500.00 Mar. 1 254,500.00 Sales t Cost of Merchandise Sold 152,700.00 Mar. 1 Merchandise Inventory 152.70000 30,000,00 Mar. 5 Customers Refunds Payable Accounts Receivable-Balboa Co. 30,000.00 Merchandise Inventory Mar, 5 17500.D0 Customers Refunds Payable 17,500.00 Mar, 29 Cash 224,500.0 Accounts Receivable-Balboa Co. w 224,500.00

Answer 1

Date	Particulars	Debit	Credit
Mar 1	Accounts receivable - Balboa Co	$254,500	-
	Sales	-	$254,500
	(To good sold on account)
Mar 1	Cost of merchandise sold	$152,700	-
	Merchandise inventory	-	$152,700
	(To record cost oc merchandise sold)
Mar 5	Sales returns and allowances	$30,000	-
	Accounts receivable -Balboa Co	-	$30,000
	(To record sales returns)
Mar 5	Merchandise inventory	$17,500	-
	Cost of merchandise sold	-	$17,500
	(To record cost of merchandise returned)
Mar 29	Cash ($254,500 - $30,000)	$224,500	-
	Accounts receivable - Balboa Co	-	$224,500