Perpetual inventory method-record the necessary journal, Accounting Basics

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Perpetual inventory method-record the necessary journal

On June 24, 2012, Reed Company sold merchandise to Emily Clark for $75,000 with terms 2/10, n/30. On June 30, Clark paid $39,200, receiving the cash discount on her payment, and returned $10,000 of merchandise, claiming that it did not meet contract terms.

Assuming that Reed uses the perpetual inventory method, record the necessary journal entries on June 24 and June 30. The cost of merchandise to Reed Company is 60% of its selling price.

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Accounting Basics: Perpetual inventory method-record the necessary journal

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Accounting Basics: Perpetual inventory method-record the necessary journal

Reference No:- TGS078725

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Recent Questions Asked Accounting Basics

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Perpetual inventory method-record the necessary journal

Reference No:- TGS078725

Recent Questions Asked Accounting Basics

Q : Analyze the target capital structure

Q : What the latest selling price is

Q : What the estimated inventory at june 30, 2011, would be

Q : Why activity is major part of public activity in us economy

Q : Perpetual inventory method-record the necessary journal

Q : What prunedale''s cost of goods sold for this year was

Q : Develop a layout model for wheeled coach

Q : What the estimated inventory at june 30, 2011, would be:

Q : Consider the reasons implementations fail

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