Homework Help: Accounting urgent

Posted by jimmy on Wednesday, October 3, 2007 at 3:33am.

Prepare the journal entries to record the following transactions on Panther Company’s books using a perpetual inventory system. (For multiple debit/credit entries, list accounts in order of magnitude.)

(a) On March 2 Panther Company sold $853,700 of merchandise to Eagle Company, terms 3/10, n/30. The cost of the merchandise sold was $575,500.
(b) On March 6 Eagle Company returned $113,900 of the merchandise purchased on March 2. The cost of the merchandise returned was $66,530.
(c) On March 12 Panther Company received the balance due from Eagle Company.
plz help

No one has answered this question yet.

Answer this Question

Related Questions

Math - On July 15,2009, the Nixon Car Company purchased 1,000 tires from the ...
college financial planning - How do i prepare journal entries when they ask you ...
Accounting - I need help with this problem. Could someone possibly explain to me...
accounting - A company purchased 1000 units of inventory on September 25 and the...
accounting - A company uses a sales journal, purchases journal, cash receipts ...
ACCOUNTING - A company purchased 1000 units of inventory on September 25 and ...
accounting - The partners in New Yorker Company decide to liquidate the firm ...
Math - Tracy Company, a manufacturer of air conditioners, sold 100 units to ...
accounting - John's specialty store uses a perpetual inveentory system. the ...
Accounting - On June 1, Coble Company Ltd. borrows $64,000 from First Bank on a ...

For Further Reading

First Name:
School Subject:
Answer: