Question

Prepare the journal entries to record the following transactions on Marigold Corp.’s books using a perpetual inventory system (a) On March 2, Marigold Corp. sold $850,000 of merchandise on account to Sheffield Company, terms 2/10, n/30. The cost of the merchandise sold was $602,000. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit (To record credit sale) To record cost of merchandise sold)



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