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Accounting urgent

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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

  • Accounting urgent - ,

    Accounts received

  • Accounting urgent - ,

    2/3
    Account Receivable 853.700
    Sales 853.700
    Cost of goods sold 575.500
    Inventory 575.500

    6/3
    Sales Return 113.900
    Account Receivable 113.900
    Inventory 66.500
    Cost of goods sold 66.500

    12/3
    (853.000-113.900) = 739.100
    Disc : 739.100 x 3% = 22.173

    Cash 716.297
    Sales Discount 22.173
    Account Receivable 739.100
    Inventory 22.173
    Cost of goods sold 22.173

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