BE5-3 Prepare the journal entries to record the following transactions on Benson Company, Ltd.'s books...
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BE5-3 Prepare the journal entries to record the following transactions on Benson Company, Ltd.'s books using a perpetual inventory system. EU (a) On March 2, Benson Company sold 800,000 of merchandise to Edgebrook Company, terms 2/10, n/30. The cost of the merchandise sold was 620,000, (b) On March 6, Edgebrook Company returned 120,000 of the merchandise purchased on March 2. The cost of the returned merchandise was 90,000. (c) On March 12, Benson Company received the balance due from Edgebrook Company BE5-4 From the information in BE5-3, prepare the journal entries to record these trans- actions on Edgebrook Company's books under a perpetual inventory system
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