Answer:
Mar. 1
Dr Accounts Receivable-Balboa Co.254,500
Cr Sales254,500
March 1
Dr Cost of Merchandise Sold 152,700
Cr Merchandise Inventory 152,700
March 5
Dr Customers Refunds Payable30,000
Cr Accounts Receivable-Balboa Co.30,000
March 5
Dr Merchandise Inventory 17,500
Cr Estimated Returns Inventory17,500
March 29
Dr Cash 224,500
Cr Accounts Receivable-Balboa Co.224,500
Explanation:
Showcase Co Journal entries
Mar. 1
Dr Accounts Receivable-Balboa Co.254,500
Cr Sales254,500
March 1
Dr Cost of Merchandise Sold 152,700
Cr Merchandise Inventory 152,700
March 5
Dr Customers Refunds Payable30,000
Cr Accounts Receivable-Balboa Co.30,000
March 5
Dr Merchandise Inventory 17,500
Cr Estimated Returns Inventory17,500
March 29
Dr Cash 224,500
Cr Accounts Receivable-Balboa Co.224,500