The following information is about a merchandise organization. Write journal entries under perpetual inventory system. July 1st Sold OMR 8,500 of merchandise on credit (Cost OMR 4,500), with terms 3/10, n/30. July 13th the customer returned OMR 75O worth of slightly demanded merchandise to the retailer and received a full refund. The retailer returned the merchandise to its inventory at a cost of OMR 150. July 15th the customer discovered some merchandise was the wrong color and received an allowance from the retailer of OMR 350 July 25th The customer paid the account in full

The following information is about a merchandise organization. Write journal entries under perpetual inventory system. July 1st Sold OMR 8,500 of merchandise on credit (Cost OMR 4,500), with terms 3/10, n/30. July 13th the customer returned OMR 75O worth of slightly demanded merchandise to the retailer and received a full refund. The retailer returned the merchandise to its inventory at a cost of OMR 150. July 15th the customer discovered some merchandise was the wrong color and received an allowance from the retailer of OMR 350 July 25th The customer paid the account in full

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Description: The following information is about amerchandise organization. Write journalentries under perpetual inventory system.July 1st Sold OMR 8,500 of merchandise oncredit (Cost OMR 4,500), with terms 3/10,n/30.July 13th the customer returned OMR 750worth o

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter10: Cash Receipts And Cash Payments

Section: Chapter Questions

Problem 5E

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