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On march 25, 2020, barr returned six tool sets and received a credit to its account Prepare journal entries for steele to record (1) the sale on march 10, 2020, (2) the return on march 25, 2020, and (c) any adjusting entries required on march 31, 2020 (when steele prepares financial statements). On december 15, 2020, lisbeth inc Lisbeth agrees to pay in 45 days, after it sells the merchandise
Lisbeth makes sales rather quickly and pays the entire obligation on january 25, 2021. On may 1, 2020, radler inc Purchased merchandise for resale for $130,000 on credit terms 2/10, n/30 from a supplier Incurred a shipping charge from a freight provider of $8,000 on the purchase, which was immediately paid.
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