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Prepare the journal entries to record the transactions

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Question - Journalize sales transactions. Prepare the journal entries to record the following transactions on Borst Company's books using a perpetual inventory system.

On March 2, Borst Company sold $800,000 of merchandise on account to McLeena Company, terms 2/10, n/30. The cost of the merchandise sold was $540,000.

On March 6, McLeena Company returned $140,000 of the merchandise purchased on March 2. The cost of the returned merchandise was $94,000.

On March 12, Borst Company received the balance due from McLeena Company.

Reference no: EM133065730

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