On March 2, Kwang Company sold $988,000 of merchandise to Sensat Company, terms

Question

On March 2, Kwang Company sold $988,000 of merchandise to Sensat Company, terms 2/10, n/30. The cost of the merchandise sold was $604,000. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) on March 6, Sensat Company returned S98,800 of the merchandise purchased on March 2. The cost of the returned merchandise was S60,400. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) On March 12, Kwang Company received the balance due from Sensat Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Sales Discounts 17784 Cash 871416 Accounts Receivable 889200

Explanation / Answer

Accounts payable 889200            Cash 871416            Merchandise Inventory 17784 To record payment made

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