Answers
1. Journal Entries -
Date Credit Byrde Inc. Journal Entries Accounts Title Debit Inventory $ 3,200 Accounts Payable (Being Inventory Purchased on account) Mar 3 $ 3,200 Mar 5 $ 260 Freight In Cash $ 260 (Being Freight Paid) Mar Accounts Payable $ 300 Inventory (Being defective inventory returned) $ 300 Mar 12 Accounts Payable $ 2,900 Cash (Being payment made on account) $ 2,900 Mar 29 Accounts Receivable $ 5,300 Sales Revenue (Being Revenue Earned on account) $ 5,300 Mar 29 Cost of goods sold $ 3,200 Inventory (Being Cost of sold incurred) $ 3,200
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