Based on the information below, journalize the entries during March 20XX for the Rowen Company and the Mosquera Company. Both use a perpetual inventory system Mar 5 Rowen sells Mosquera on account merchandise costing $580,000 for $800,000, terms 2/10, net 30. 11 Mosquera returns as defective $120,000 worth of the $800,000 merchandise received. The seller's cost is $90,000. 14 Mosquera pays within the discount period. General Journal Date Description Debit Credit ENTRIES FOR ROWEN COMPANY: ENTRIES FOR MOSQUERA COMPANY: Prepare an Income Statement through Gross Profit for Rowen. General Journal Date Description Debit Credit ENTRIES FOR ROWEN COMPANY: 20XX March 5 Accounts Receivable 800,000 Sales 800,000 5 Cost of Goods Sold 580,000 Merchandise Inventory 580,000 11 Sales Returns and Allowances 120,000 Accounts Receivable 120,000 11 Merchandise Inventory 90,000 Cost of Goods Sold 90,000 14 Cash 666,400 Sales Discounts 13,600 Accounts Receivable 680,000 ENTRIES FOR MOSQUERA COMPANY: 20XX March 5 Merchandise Inventory 800,000 Accounts Payable 800,000 11 Accounts Payable 120,000 Merchandise Inventory 120,000 14 Accounts Payable 680,000 Cash 666,400 Merchandise Inventory 13,600 Prepare an Income Statement through Gross Profit for Rowen. Rowen Company Partial Income Statement For the Period Ending March 30, 20XX Sales $ 800,000 Less: Sales Returns and Allowances $ 120,000 Sales Discounts 13,600 133,600 Net Sales 666,400 Cost of Goods Sold 490,000 Gross Profit $ 176,400 .

1. Based on the information below, journalize the entries during
March 20XX for the Rowen Company and the Mosquera
Company. Both use a
perpetual
inventory system
Mar
5
Rowen sells Mosquera on account merchandise costing
$580,000 for $800,000, terms 2/10, net 30.
11
Mosquera returns as defective $120,000 worth of the $800,000
merchandise received. The seller's cost is $90,000.
14
Mosquera pays within the discount period.
General Journal
Date
Description
Debit
Credit
ENTRIES FOR ROWEN COMPANY:

4. ENTRIES FOR MOSQUERA
COMPANY:

6. Prepare an Income Statement through Gross Profit for Rowen.

7. General Journal
Date
Description
Debit
Credit
ENTRIES FOR ROWEN COMPANY:
20XX
March
5
Accounts Receivable
800,000
Sales
800,000

8. 5
Cost of Goods Sold
580,000
Merchandise Inventory
580,000
11
Sales Returns and Allowances
120,000
Accounts Receivable
120,000
11

9. Merchandise Inventory
90,000
Cost of Goods Sold
90,000
14
Cash
666,400
Sales Discounts
13,600
Accounts Receivable
680,000
ENTRIES FOR MOSQUERA COMPANY:

10. 20XX
March
5
Merchandise Inventory
800,000
Accounts Payable
800,000
11
Accounts Payable
120,000
Merchandise Inventory
120,000

11. 14
Accounts Payable
680,000
Cash
666,400
Merchandise Inventory
13,600
Prepare an Income Statement through Gross Profit for Rowen.
Rowen Company
Partial Income Statement
For the Period Ending March 30, 20XX
Sales
$ 800,000
Less: Sales Returns and Allowances
$ 120,000
Sales Discounts
13,600
133,600
Net Sales

12. 666,400
Cost of Goods Sold
490,000
Gross Profit
$ 176,400