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Journalize Skycrest Co entries for the sale

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Problem - Sales-related transactions - Skycrest Co., a furniture wholesaler, sells merchandise to Boyle Co. on account, $45,000, terms 2/10, n/30. The cost of the merchandise sold is $27,000. Skycrest Co. issues a credit memo for $9,000 for merchandise returned and subsequently receives the amount due within the discount period. The cost of the merchandise returned is $5,400. Journalize Skycrest Co.'s entries for

(a) the sale, including the cost of the merchandise sold

(b) the credit memo, including the cost of the returned merchandise,

(c) the receipt of the check for the amount due from Boyle Co.

Reference no: EM132680288

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