Answered

IDNLearn.com offers a comprehensive solution for all your question and answer needs. Discover in-depth answers to your questions from our community of experienced professionals.

On March 12, Klein Company, Inc. sold merchandise in the amount of $7,800 to Babson Company, with credit terms of 2/10, n/30. The cost of the items sold is $4,500. Klein uses the perpetual inventory system. On March 15, Babson returns some of the merchandise. The selling price of the returned merchandise is $600 and the cost of the merchandise returned is $350. The entry or entries that Klein must make on March 15 is:

Sagot :

Parrainidn

Answer:

Date                 Account Title                                       Debit                  Credit

March 15,         Sales returns and allowances          $600

                         Accounts Receivable                                                     $600

                         Merchandise Inventory                     $350

                         Cost of Goods Sold                                                         $350  

Your presence in our community is highly appreciated. Keep sharing your insights and solutions. Together, we can build a rich and valuable knowledge resource for everyone. IDNLearn.com is your go-to source for accurate answers. Thanks for stopping by, and come back for more helpful information.