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Prepare journal entries that Hinds Company made to record

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Question - Hinds Company sold merchandise to Peter company on account for 146,000 with credit terms of ?/10 n/10. The cost of the merchandise sold was 86,140. During the discount period, Peter company returned 6,000 of merchandise and paid its account in full ( minus the discount) by remitting 137,000 in cash. Both companies use a perpetual inventory system. Prepare the journal entries that Hinds Company made to record 1) the sale of merchandise 2) the return of merchandise 3) the collection on account.

Reference no: EM132623748

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