Journalize the following entries for the seller using the perpetual method. On March 15, Monroe Sales sells $9,525 on account to Garrison Brewer with terms of 2/10, n/30. The cost of merchandise sold was $6,905. On March 20, a $125 credit memo is given to Garrison Brewer due to merchandise that was the wrong color. The cost of the returned merchandise was $65. If required, round your answers to two decimal places. On March 25, Garrison Brewer submits payment in full. If required, round your answers to two decimal places.

Journalize the following entries for the seller using the perpetual method. On March 15, Monroe Sales sells $9,525 on account to Garrison Brewer with terms of 2/10, n/30. The cost of merchandise sold was $6,905. On March 20, a $125 credit memo is given to Garrison Brewer due to merchandise that was the wrong color. The cost of the returned merchandise was $65. If required, round your answers to two decimal places. On March 25, Garrison Brewer submits payment in full. If required, round your answers to two decimal places.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 5EA: Review the following transactions and prepare any necessary journal entries for Tolbert Enterprises....

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