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Prepare the journal entries that Steve Skateboards must make

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Question - Smith's Skateboards uses the perpetual inventory system and had the following sales transactions during April:

April 2 Sold merchandise to Happy Hobby Shop on credit for $8,500, terms 1/15, n/60. The items Sold had a cost of $4,250.

April 4 Happy Hobby Shop returned merchandise that had a selling price of $500. The cost of the Merchandise returned was $250.

April 13 Happy Hobby Shop paid for the merchandise sold on April 2, taking any appropriate discount. Earned.

Required - Prepare the journal entries that Steve's Skateboards must make to record these transactions?

Reference no: EM132752779

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