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Prepare journal entries to record each of the above sales

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Reference no: EM13582917

Apr. 1 Sold merchandise for $3,000, granting the customer terms of 2/10, EOM; invoice dated April 1. The cost of the merchandise is $1,800.

Apr. 4 The customer in the April 1 sale returned merchandise and received credit for $600. The merchandise, which had cost $360, is returned to inventory.
Apr. 11 Received payment for the amount due from the April 1 sale less the return on April 4.

Prepare journal entries to record each of the above sales transactions of a merchandising company. Assume a perpetual inventory system..

Reference no: EM13582917

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