Journal entries on books of jayhawk carpet company

Reference no: EM13145148

Prepare the necessary journal entries on the books of Jayhawk Carpet Company to record the following transactions, assuming a perpetual inventory system (you may omit explanations):

(a) Jayhawk purchased $40,000 of merchandise on account, terms 2/10, n/30.

(b) Returned $4,000 of damaged merchandise for credit.

Richter Company sells merchandise on account for $2,000 to Lynch Company with credit terms of 3/10, n/60. Lynch Company returns $200 of merchandise that was damaged, along with a check to settle the account within the discount period. What entry does Richter Company make upon receipt of the check and the damaged merchandise?

Reference no: EM13145148

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