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September 16, 2020
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September 16, 2020

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On February 6, Markowitz Company sold $105,000 of merchandise to the Lyman Company, terms 2/10, net /30. The cost of the merchandise sold was $70,000. On February 8, the Lyman Company returned $14,000 of the merchandise purchased on February 6. The cost of the merchandise returned was $7,000. On February 16 Markowitz Company received the balance due from the Lyman Company.

Prepare the journal entries to record the above transactions on Markowitz Company’s books using a perpetual inventory system. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Date

Account Titles and Explanation

Debit

Credit

Feb. 6

Entry field with incorrect answer now contains modified data

Entry field with correct answer

Entry field with correct answer

Entry field with incorrect answer now contains modified data

Entry field with correct answer

Entry field with correct answer

(To record credit sale)

Entry field with correct answer Cost of Goods Sold

Entry field with correct answer70,000

Entry field with correct answer

Entry field with incorrect answer now contains modified data

Entry field with correct answer

Entry field with correct answer70,000

(To record cost of good sold)

Feb. 8

Entry field with incorrect answer now contains modified data

Entry field with incorrect answer now contains modified data

Entry field with incorrect answer now contains modified data

Entry field with correct answer Accounts Receivable

Entry field with incorrect answer now contains modified data

Entry field with incorrect answer now contains modified data

(To record goods returned)

Entry field with incorrect answer now contains modified data

Entry field with incorrect answer now contains modified data

Entry field with incorrect answer now contains modified data

Entry field with incorrect answer now contains modified data

Entry field with incorrect answer now contains modified data

Entry field with incorrect answer now contains modified data

(To record cost of good returned)

Feb. 16

Entry field with incorrect answer now contains modified data

Entry field with incorrect answer now contains modified data

Entry field with correct answer

Entry field with incorrect answer now contains modified data

Entry field with incorrect answer now contains modified data

Entry field with incorrect answer now contains modified data

Entry field with correct answer Accounts Receivable

Entry field with incorrect answer now contains modified data

Entry field with incorrect answer now contains modified data

 

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