Record sales transactions using a perpetual inventory system. (LO 1), AP Use a tabular summary to...
Record sales transactions using a perpetual inventory system.
(LO 1), AP
Use a tabular summary to record the following transactions for Borst Company using a perpetual inventory system.
(a) On March 2, Borst Company sold $800,000 of merchandise to McLeena Company on account. The cost of the merchandise sold was $540,000.
(b) On March 6, McLeena Company returned $140,000 of the merchandise purchased on March 2. The cost of the merchandise returned was $94,000.
(c) On March 12, Borst Company received the balance due from McLeena Company.
Homework Answers
| Assets | = | Liabilities | + | Stockholders' Equity | ||||||||||
| Retained earnings | ||||||||||||||
| Cash | + | Accts. Rec. | + | Inv. | = | Accts. Pay | + | Common Stock | + | Rev | - | Exp | ||
| Mar 2 | 800000 | 800000 | Sales revenue | |||||||||||
| -540000 | -540000 | Cost of goods sold | ||||||||||||
| Mar 6 | -140000 | -140000 | Sales return and allowance | |||||||||||
| 94000 | 94000 | |||||||||||||
| Mar 12 | 660000 | -660000 | ||||||||||||
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