Brief Exercise 8-2 Record the following transactions on the books of Ceradyne Corp., which uses...
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Brief Exercise 8-2 Record the following transactions on the books of Ceradyne Corp., which uses a perpetual inventory system. On July 1, Ceradyne Corp. sold merchandise on account to Cambridge Inc. for $60,200, terms 2/10, n/30. The cost of the merchandise sold was $34,700. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit July 1 (To record credit sale) July 1 (To record cost of merchandise sold) SHOW LIST OF ACCOUNTS LINK TO TEXT On July 8, Cambridge returned merchandise worth $7,000 to Ceradyne. Its original cost was $4,110. The merchandise was restored to inventory. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit July 8 (To record sales return) July 8 (To record cost of merchandise returned) SHOW LIST OF ACCOUNTS LINK TO TEXT
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