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MC Qu. 160 On March... On March 12, Klein Company sold merchandise in the amount...

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Accounting

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MC Qu. 160 On March... On March 12, Klein Company sold merchandise in the amount of $7.800 to Babson Company, with credit terms of 2/10, n/30. The cost of the items sold is $4,500. Klein uses the perpetual inventory system and the gross method of accounting for sales. On March 15, Babson returns some of the merchandise, which is not defective. The selling price of the returned merchandise is $600 cost of the merchandise returned is $350. The entry or entries that Klein must make on March and the 15 is 600 Sales returns and allowances 600 Accounts receivable Merchandise inventory 350 Cost of goods sold 350 600 Sales returns and allowances 600 Accounts receivable O Accounts receivable 600 600 Sales returns and allowances 600 Accounts receivable 600 Sales returns and allowances Cost of goods sold 350 Merchandise inventory Sales returns and allowances 350 Accounts receivable 350

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