| Journal Entries using Perpetual Inventory Systems
Prepare the journal entries to record the following
transactions on Benson Company's books using a
perptual inventory system.
A. On March 2, Benson Company sold $800,000 of merchandise to Edgebrook Company, terms 2/10, n/30. The cost of the merchandise sold was $620,000.
B. On March 6, Edgebrook Company returned $120,000 of the merchandise purchased on March 2 because it was defective. The cost of the returned merchandise was $90,000.
C. On March 12, Benson Company received the balance due from Edgebrook Company.
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Linear Mode
