ABC Company uses the gross method to record sales made on credit. Using the T-account template...

ABC Company uses the gross method to record sales made on credit.

Using the T-account template below, prepare the entries to recognize the following transactions.

6/1/17 Sold $50,000 of inventory, terms 3/15, n/45

6/3/17 Accepted a return from the customer of merchandise that was sold on 6/1/17 in the amount of $2,500

6/12/17 Received full payment for the 6/1/17 sale 50,000

ASSETS =				LIABILITIES		+ EQUITY
	Non-current Assets
Current Assets	Property, Plant & Equipment	Investments	Intangible Assets/Other	Current Liabilities	Non-Current Liabilities	Contributed Capital	Earned Capital	Accumulated OCI

Expert Solution

ekkarill92 answered 2 years ago

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