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Prepare the journal entry that hinds company made to record

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Hinds Company sold merchandise to Peter Company on account for $146,000 with credit terms of 2/10, n/30. The cost of the merchandise sold was $86,140. During the discount period, Peter Company returned merchandise worth $6,000 and paid in full (less the discount). The merchandise returned had a cost of $3,450 to Hinds. Both companies use a perpetual inventory system. Prepare the journal entry that Hinds Company made to record: (1) the sale of merchandise, (2) the return of merchandise, and (3) the collection on account.

Reference no: EM132404656

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