Prepare the journal entries to record these transactions on Bernadina Company\'s
ID: 2501434 • Letter: P
Question
Prepare the journal entries to record these transactions on Bernadina Company's books under a perpetual Inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) On March 2, Horst Company sold $892,200 of merchandise to Bernadina Company, terms 2/10, n/30. The cost of the merchandise sold was $533,300. On March 6, Bernadina Company returned SI 17,400 of the merchandise purchased on March 2. The cost of the merchandise returned was 568,530. On March 12, Horst Company received the balance due from Bernadina Company.Explanation / Answer
Date Particulars debit $ credit $ March, 2 Merchandize Inventory 892,200 Accounts Payable 892,200 March, 6 Accounts Payable 117,400 Merchandize Inventory 117,400 March, 12 Accounts Payable 774,800 Cash 759,304 Merchandize Inventory 15,496