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Prepare the journal entries to record the transactions

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Reference no: EM133102975

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

(a) On March 2, Carla Vista Company sold $825,000 of merchandise on account to Martinez Company, terms 3/10, n/30. The cost of the merchandise sold was $603,000.

(b) On March 6, Martinez Company returned $82,500 of the merchandise purchased on March 2. The cost of the returned merchandise was $63,300.

(c) On March 12, Carla Vista Company received the balance due from Martinez Company.

Reference no: EM133102975

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