Perpetual inventory system

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Reference no: EM13913860

Prepare the journal entries to record these transactions on Bernadina Companys books under a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

(a)On March 2, Horst Company sold $907,300 of merchandise to Bernadina Company, terms 2/10, n/30. The cost of the merchandise sold was $580,400.

(b)On March 6, Bernadina Company returned $104,800 of the merchandise purchased on March 2. The cost of the merchandise returned was $61,930.

(c)On March 12, Horst Company received the balance due from Bernadina Company.

Reference no: EM13913860

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