On March 15, Monroe Sales sells $9,525 on account to Garrison Brewer with terms of 2/10, n/30. The cost of merchandise sold was $6,905.
(a) Journalize the sale and the recognition of the cost of the sale.
(b) On March 20, a $125 credit memo is given to Garrison Brewer due to merchandise that was the wrong color. Journalize this event. The cost of the returned merchandise was $65.
(c) On March 25, Garrison Brewer submits payment in full. Journalize this event.

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The Answer of On March 15, Monroe Sales sells $9,525 on account to Garrison Brewer with terms of 2/10, n/30. The cost of merchandise sold was $6,905.
(a) Journalize the sale and the recognition of the cost of the sale.
(b) On March 20, a $125 credit memo is given to Garrison Brewer due to merchandise that was the wrong color. Journalize this event. The cost of the returned merchandise was $65.
(c) On March 25, Garrison Brewer submits payment in full. Journalize this event.

On March 15, Monroe Sales Sells $9,525 on Account to Garrison