On September 12 , Ryan Company sold merchandise of $ 5,800 to Johnson Company ,...
80.2K
Verified Solution
Link Copied!
Question
Accounting
On September 12 , Ryan Company sold merchandise of $ 5,800 to Johnson Company , with credit terms of 2/10 , n / 30 . The cost of the items sold is $ 4,000 . Ryan uses the perpetual inventory system and the net method of accounting for sales . On September 14 , Johnson returns some of the merchandise , which is restored to inventory . The selling price of the returned merchandise is $ 500 and the cost of the merchandise returned is $350. The entry or entries that Ryan must make on September 14 is (are):
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
