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April 21, 2014

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

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