BE8.2 (101) Record the following transactions on the books of Essex Corp., which uses a...
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BE8.2 (101) Record the following transactions on the books of Essex Corp., which uses a perpetual inventory system a. On July 1, Essex Corp. sold merchandise on account to Cambridge Inc. for $58,000, terms n/30. The cost of the merchandise sold was $32,000. Essex expected a return rate of 5%. b. On July 8, Cambridge returned merchandise worth $2,400 to Essex. Its original cost was $1,320. The merchandise was restored to inventory. c. On July 29, Cambridge paid for the merchandise. Record receivables transactions
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