On March 15, Monroe Sales sells $9,525.00 on account to Garrison Brewer with terms of 1/10, n/30. The cost of merchandise sold was $6,905.00. (a) Journalize the sale and the recognition of the cost of the sale. (b) On March 20, a $125.00 credit memo is given to Garrison Brewer due to merchandise that was the wrong color. Journalize this event.  The cost of the returned merchandise was $65.00. (c) On March 25, Garrison Brewer submits payment in full. Journalize this event.

College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter9: Sales And Purchases
Section: Chapter Questions
Problem 8E: Toby Company had the following sales transactions for March: Mar. 6Sold merchandise on account to...
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On March 15, Monroe Sales sells $9,525.00 on account to Garrison Brewer with terms of 1/10, n/30. The cost of merchandise sold was $6,905.00.

(a) Journalize the sale and the recognition of the cost of the sale.
(b) On March 20, a $125.00 credit memo is given to Garrison Brewer due to merchandise that was the wrong color. Journalize this event.  The cost of the returned merchandise was $65.00.
(c) On March 25, Garrison Brewer submits payment in full. Journalize this event.

 

 

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