Question

ACCT 102 FINAL EXAM NAME: 1. Company A purchased $300 of merchandise on credit from XYZ Co. on March 1, and paid sales tax of 5% on the transaction. On March 31, Company A returned $50 worth of merchandise and paid the balance of the account.Show the entry that Company A should record on March 31. 2. Customer A purchased $300 of merchandise on credit from XYZ Co. on March 1, and paid sales tax of 5% on the transaction. On March 31, the customer returned $50 worth of merchandise and paid the balance of the account. Show the entry that XYZ Co. should record on March 31.

          ACCT 102
FINAL EXAM
NAME:
1. Company A purchased $300 of merchandise on credit from XYZ Co. on March 1, and paid sales tax of 5%
on the transaction. On March 31, Company A returned $50 worth of merchandise and paid the balance
of the account.Show the entry that Company A should record on March 31.
2. Customer A purchased $300 of merchandise on credit from XYZ Co. on March 1, and paid sales tax of 5%
on the transaction. On March 31, the customer returned $50 worth of merchandise and paid the balance
of the account. Show the entry that XYZ Co. should record on March 31.

ACCT 102
FINAL EXAM
NAME:
1. Company A purchased 300 of merchandise on credit from XYZ Co. on March 1, and paid sales tax of 5%
on the transaction. On March 31, Company A returned50 worth of merchandise and paid the balance
of the account.Show the entry that Company A should record on March 31.
2. Customer A purchased 300 of merchandise on credit from XYZ Co. on March 1, and paid sales tax of 5%
on the transaction. On March 31, the customer returned50 worth of merchandise and paid the balance
of the account. Show the entry that XYZ Co. should record on March 31.

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