On march 12 monroe company received the balance due from

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Reference no: EM13597707

Prepare the journal entries to record the following transactions on Monroe Company's books using a perpetual inventory system.
(a) On March 2, Monroe Company sold $900,000 of merchandise to Churchill Company, terms 2/10, n/30. The cost of the merchandise sold was $620,000.

Description/Account Debit Credit
(To record cost of merchandise sold.)

(b) On March 6, Churchill Company returned $120,000 of the merchandise purchased on March 2 because it was defective. The cost of the returned merchandise was $90,000.

Description/Account Debit Credit

(To record cost of merchandise sold.)

(c) On March 12, Monroe Company received the balance due from Churchill Company. (For multiple debit/credit entries, list amounts from largest to smallest e.g. 10, 5, 3, 2.)

Description/Account Debit Credit

Reference no: EM13597707

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