On March 2, Kwang Company sold $881,000 of merchandise to Sensat Company, terms 3/10, n/30. The cost of the merchandise sold was...

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On March 2, Kwang Company sold $881,000 of merchandise to Sensat Company, terms 3/10, n/30. The cost of the merchandise sold was $612,000. 

Account Titles and Explanation
Debit
Credit
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
(To record credit sale)
  
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
(To record cost of merchandise sold)
  
 
 
On March 6, Sensat Company returned $88,100 of the merchandise purchased on March 2. The cost of the returned merchandise was $61,200. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Account Titles and Explanation
Debit
Credit
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
(To record merchandise returned)
  
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
(To record cost of merchandise returned)
  
 
 
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
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
[removed]
 
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