on March 1, Pina Colada Corp. sold merchandise on account to Amelia Company for

Question

on March 1, Pina Colada Corp. sold merchandise on account to Amelia Company for $30,200, terms 2/10, net 45-On March 6, Amelia returns merchandise with a sales price of 900. On March 11, Pina Colada Corp. receives payment from Amelia for the balance due. Prepare journal entnes to record the March transactions on Pina Colada Corp.'s books. (You may ignore cost of goods sold entries and explanations.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Mar. 11

Explanation / Answer

1-Mar Accounts Receivable 30200        Sales revenue 30200 6-Mar Sales return and allowances 900       Accounts Receivable 900 11-Mar Cash 28714 Sales discounts 586 =29300*2%       Accounts Receivable 29300

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