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Shtirlitz
1 month ago
7

Be5-4, Prepare the journal entries to record the following transactions on Novy Company’s books using a perpetual inventory syst

em. (a) On March 2, Novy Company sold $900,000 of merchandise to Opps Company, terms 2/10, n/30. The cost of the merchandise sold was $590,000. (b) On March 6, Opps Company returned $90,000 of the merchandise purchased on March 2. The cost of the returned merchandise was $62,000. (c) On March 12, Novy Company received the balance due from Opps Company.
be5-5, From the information in BE5-4, prepare the journal entries to record these trans- actions on Opps Company’s books under a perpetual inventory system.
Business
1 answer:
Scilla [3.8K]1 month ago
8 0
a. March 2 Debit: Accounts Receivable 900,000 Credit: Sales Revenue 900,000 March 2 Debit: Cost of Goods Sold 590,000 Credit: Inventory 590,000 b. March 6 Debit: Sales Returns and Allowances 90,000 Credit: Accounts Receivable 90,000 March 6 Debit: Inventory 62,000 Credit: Cost of Goods Sold 62,000 c. March 12 Debit: Cash 793,800 Debit: Sales Discount 16,200 Credit: Accounts Receivable 810,000
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