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The receipt of the check for the amount due from bitone co

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Reference no: EM131122775

1. Summit Co., a furniture wholesaler, sells merchandise to Bitone Co. on account, $23,400, terms 2/10, n/30. The cost of the merchandise sold is $14,000. Summit Co. issues a credit memo for $4,400 for merchandise returned and subsequently receives the amount due within the discount period. The cost of the merchandise returned is $2,600.

Journalize Summit Co.'s entries for 

(a) The sale, including the cost of the merchandise sold, 

(b) The credit memo, including the cost of the returned merchandise, and 

(c) The receipt of the check for the amount due from Bitone Co.

Reference no: EM131122775

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