Prepare the journal entries to record these transactions on Ikerd Company's books under a perpetual inventory system. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.)
(a)On March 2 Ramirez Company sold $800,000 of merchandise to Ikerd Company, terms 2/10, n/30. The cost of the merchandise sold was $540,000.
(b)On March 6 Ikerd Company returned $110,000 of the merchandise purchased on March 2. The cost of the merchandise returned was $75,000.
(c)On March 12 Ramirez Company received the balance due from Ikerd Company.
March 2nd?
DR ______? 800000
CR_____? 800000
Mar. 6 DR.______? 110000
CR. _______? 110000
Mar. 12
Dr. ____$____________
Credit ______ $______
Credit _______$_______
on march 12, just so ye know, dr. is not 676200
cr. is not 13800
and cr is not 690000
HELP!
(a)On March 2 Ramirez Company sold $800,000 of merchandise to Ikerd Company, terms 2/10, n/30. The cost of the merchandise sold was $540,000.
(b)On March 6 Ikerd Company returned $110,000 of the merchandise purchased on March 2. The cost of the merchandise returned was $75,000.
(c)On March 12 Ramirez Company received the balance due from Ikerd Company.
March 2nd?
DR ______? 800000
CR_____? 800000
Mar. 6 DR.______? 110000
CR. _______? 110000
Mar. 12
Dr. ____$____________
Credit ______ $______
Credit _______$_______
on march 12, just so ye know, dr. is not 676200
cr. is not 13800
and cr is not 690000
HELP!