Journal Entries for Sale, Return, and Remittance-Perpetual System On October 14, the Patrick Company sold...
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Journal Entries for Sale, Return, and Remittance-Perpetual System On October 14, the Patrick Company sold merchandise with an invoice price of $1,600 ($1,350 cost), with terms of 2/10, n/30, to the Baxter Company. On October 18, $300 of the merchandise ($210 cost), was returned because it was the wrong size. On October 24, the Patrick Company received a check for the amount due from the Baxter Company. Required Prepare the journal entries for the Patrick Company using the perpetual inventory system.
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