Answer :
Answer:
Journal Entry are given below
Explanation:
solution
Journal Entry are as
PERPETUAL INVENTORY SYSTEM
debit credit
(1) March 2, Merchandise inventory $800,000
Borst Company $800,000
( record Inventory purchase )
(2) March 6,
Borst Company $140,000
Merchandise inventory $140,000
( record goods return )
(3) March 12,
Borst Company (800000-140000) $660,000
Cash (800000-140000) ×98% $646,800
Merchandise inventory $13,200
(800000-140000)× 2%
( record goods return )
Journal entries are the records of the credit and debit transactions. The journal entries for the transactions on McLeena Company's books are attached in the image below.
What are Journal Entries?
The economic and the non-economical transactions are recorded in the entry data that lists the transactions of the companies debit and credit record in the accounting general.
On March, 2 the Borst Company sold the merchandise to McLeena Company for $800,000. In March,6 $140,000 worth of merchandise was returned by the McLeena Company to the Borst Company.
On March, 12 the total debit of the Borst Company is,
[tex]800000-140000 = \$660,000[/tex]
The total credit of the company is, [tex](800000-140000) \times 98 \% = \$646800[/tex]
The credit amount of the merchandise company is,
[tex](800000-140000) \times 2\% = \$13,200[/tex]
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