June 18 Sold and shipped on account to Dante Company, $5,000 ($3,000 cost) of merchandise, with terms of 2/10, n/30. 25 Dante Company returned merchandise billed at $700 on June 18 ($300 cost.) 27 Received from Dante Company a check for full settlement of the June18 transaction. Required repare the necessary journal entries for (a) Candy, Inc., and (b) Dante Company. Both companies use the perpetual inventory system Seller's Journal Entries Buyer's Journal Entries CANDY, INC. GENERAL JOURNAL Date Description Debit Credit
June 18 Sold and shipped on account to Dante Company, $5,000 ($3,000 cost) of merchandise, with terms of 2/10, n/30. 25 Dante Company returned merchandise billed at $700 on June 18 ($300 cost.) 27 Received from Dante Company a check for full settlement of the June18 transaction. Required repare the necessary journal entries for (a) Candy, Inc., and (b) Dante Company. Both companies use the perpetual inventory system Seller's Journal Entries Buyer's Journal Entries CANDY, INC. GENERAL JOURNAL Date Description Debit Credit
College Accounting (Book Only): A Career Approach
12th Edition
ISBN:9781305084087
Author:Cathy J. Scott
Publisher:Cathy J. Scott
Chapter10: Cash Receipts And Cash Payments
Section: Chapter Questions
Problem 5PB
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The options for the blue shaded discerption tabs are:
Accounts payable, accounts receivable, cash, cost of goods sold, inventory, sales revenue, sales returns and allowances, sales discounts.
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