Prepare the journal entries to record the following transactions on Wildhorse Company’s books using a perpetual...

Prepare the journal entries to record the following transactions on Wildhorse Company’s books using a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

(a) On March 2, Windsor Company sold $854,200 of merchandise to Wildhorse Company on account, terms 2/10, n/30. The cost of the merchandise sold was $517,800.

(b) On March 6, Wildhorse Company returned $109,800 of the merchandise purchased on March 2. The cost of the merchandise returned was $66,800.

(c) On March 12, Windsor Company received the balance due from Wildhorse Company.

Expert Solution

ekkarill92 answered 2 years ago

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