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Description: 1. Refunded cash on sales made for cash, $3,000. The cost of the merchandise returned was $1,800.Instructiona) Journalize the transaction

Business

Accounting

1. Refunded cash on sales made for cash, $3,000. The cost of the merchandise returned was $1,800. Instruction a) Journalize the transaction

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 22EA: Prepare journal entries to record the following transactions. A. March 1, purchased land for cash,...

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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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1. Refunded cash on sales made for cash, $3,000. The cost of the merchandise returned was $1,800.
Instruction
a) Journalize the transaction

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