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Journalize Storall Co and Bunting Co entries for the payment

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Reference no: EM132876928

Problem - Transactions for buyer and seller - Storall Co. sold merchandise to Bunting Co. on account, $8,000, terms 2/15, n/30. The cost of the merchandise sold is $3,000. Storall Co. issued a credit memo for $1,000 for merchandise returned and later received the amount due within the discount period. The cost of the merchandise returned was $400. Journalize Storall Co.'s and Bunting Co.'s entries for the payment of the amount due.

Reference no: EM132876928

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