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Prepare the journal entries to record the sales transactions

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Question - Engine Central had the following sales transactions in December:

Dec. 4 Sold $8,100 of merchandise on account to Mo's Motors, terms 2/15, net 30. Cost $4,050.

Dec. 7 Mo returned $1,600 of merchandise to Engine Central because he changed his mind and wanted to order a different type of engine. Cost $800.

Dec. 16 Mo paid the balance owing to Engine Central.

Prepare the journal entries to record the sales transactions on the books of Engine Central using a perpetual inventory system and the earnings approach for revenue recognition.

Prepare the journal entries to record the sales transactions on the books of Engine Central using a periodic inventory system and the earnings approach for revenue recognition.

Reference no: EM133058252

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