Essay
June 4 Black Company purchased $9,000 worth of merchandise, terms n/30 from Hayes Company. The cost of the merchandise was $6,300.
12 Black returned $500 worth of goods to Hayes for full credit. The goods had a cost of $350 to Hayes.
12 Black paid the account in full.
Instructions
Prepare the journal entries to record these transactions in (a) Black's records and (b) Hayes' records. Assume use of the perpetual inventory system for both companies.
Correct Answer:
Verified
Correct Answer:
Verified
Q19: If a customer agrees to retain merchandise
Q69: Davies Company purchased merchandise inventory with an
Q70: Aber Company sells merchandise on account for
Q71: Rains Company is a furniture retailer. On
Q76: If Indiana Ink, Inc. has net sales
Q77: During the year, Megan's Pet Shop's merchandise
Q133: A decline in a company's gross profit
Q154: Indicate which one of the following would
Q189: The terms 2/10, net/30 mean that a
Q209: Which of the following statements is <b>true</b>