contestada

Prepare the journal entries to record the following transactions on McLeena Company’s books using a perpetual inventory system. (a) On March 2, Borst Company sold $800,000 of merchandise to McLeena Company on account. The cost of the merchandise sold was $540,000. (b) On March 6, McLeena Company returned $140,000 of the merchandise purchased on March 2. The cost of the merchandise returned was $94,000.

Respuesta :

tanseershar

Answer:

The journal entries are made as follows;

Explanation:

March 2.   Account Receivable-Mcleena Co.       Dr.$800,000

                Sales Revenue                                 Cr.$800,000

                Cost of Goods Sold                  Dr.$540,000

                Inventory                                    Cr.$540,000

March 6.  Sales Revenue             Dr.$140,000

               A/R-Mcleena Co.          Cr.$140,000

               Inventory                       Dr.$94,000

               Cost of Goods Sold      Cr.$94,000

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