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URGENT PLZ HELP!! the image is attached of what is needed! Sales-related transactions...

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Accounting

URGENT PLZ HELP!! the image is attached of what is needed!
Sales-related transactions
Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account, $254,500, terms n/30. The cost of the goods sold is $152,700. Showcase Co.
issues a credit memo for $30,000 for merchandise returned prior to Balboa Co. paying the original invoice. The cost of the merchandise returned is $17,500.
a. Journalize Showcase Co.'s entries for (1) the sale, including (2) the cost of the goods sold. If an amount box does not require an entry, leave it blank.
b. Journalize Showcase Co.'s entries for (1) the credit memo, including (2) the cost of the returned merchandise. If an amount box does not require an entry,
leave it blank.
c. Journalize Showcase Co.'s entry for the receipt of the check for the amount due from Balboa Co. If an amount box does not require an entry, leave it blank.
image

Answer & Explanation Solved by verified expert
3.7 Ratings (621 Votes)
Lets go through the journal entries step by step a Journalize Showcase Cos entries for 1 the sale including 2 the cost of the goods sold 1 Sale on Account Debit Accounts Receivable 254500 Credit Sales Revenue 254500 This entry records the sale of    See Answer
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