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X 6-14 Sales-related transactions howcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account, $254,500, erms n/30. The cost of the merchandise sold is $152,700. Showcase Co. issues a credit memo or $30,000 for merchandise returned prior to Balboa Co. paying the original invoice. The ost of the merchandise returned is $17,500. Journalize Showcase Co.'s entries for (a) the sale, cluding the cost of the merchandise sold; (b) the credit memo, including the cost of the turned merchandise; and (c) the receipt of the check for the amount due from Balboa Co.

X 6-14 Sales-related transactions howcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account, $254,500, erms n/30. The cost of the merchandise sold is $152,700. Showcase Co. issues a credit memo or $30,000 for merchandise returned prior to Balboa Co. paying the original invoice. The ost of the merchandise returned is $17,500. Journalize Showcase Co.'s entries for (a) the sale, cluding the cost of the merchandise sold; (b) the credit memo, including the cost of the turned merchandise; and (c) the receipt of the check for the amount due from Balboa Co.

Accounting
Accounting
27th Edition
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Chapter6: Accounting For Merchandising Businesses
Section: Chapter Questions
Problem 6.11EX
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OBJ. 2 EX 6-14 Sales-related transactions Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account, $254,500, terms n/30. The cost of the merchandise sold is $152,700. Showcase Co. issues a credit memo for $30,000 for merchandise returned prior to Balboa Co. paying the original invoice. The cost of the merchandise returned is $17,500. Journalize Showcase Co.'s entries for (a) the sale, including the cost of the merchandise sold; (b) the credit memo, including the cost of the returned merchandise; and (c) the receipt of the check for the amount due from Balboa Co.
Transcribed Image Text:OBJ. 2 EX 6-14 Sales-related transactions Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account, $254,500, terms n/30. The cost of the merchandise sold is $152,700. Showcase Co. issues a credit memo for $30,000 for merchandise returned prior to Balboa Co. paying the original invoice. The cost of the merchandise returned is $17,500. Journalize Showcase Co.'s entries for (a) the sale, including the cost of the merchandise sold; (b) the credit memo, including the cost of the returned merchandise; and (c) the receipt of the check for the amount due from Balboa Co.
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