Solved: The cost of the merchandise returned was 390 journalize, Accounting Basics

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The cost of the merchandise returned was 390 journalize

Stuckey Co. sold merchandise to Bullock Co. on account, $5,250, terms 2/15, n/30. The cost of the merchandise sold is $3,150. Stuckey Co. issued a credit memorandum for $650 for merchandise returned and later received the amount due within the discount period. The cost of the merchandise returned was $390. Journalize Stuckey Co.'s and Bullock Co.'s entries for the receipt of the check for the amount due from Bullock Co.

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Accounting Basics: The cost of the merchandise returned was 390 journalize

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Accounting Basics: The cost of the merchandise returned was 390 journalize

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