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Journalize the transactions for the seller Lee Company

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Question - Journalize the following transactions for the seller, Lee Company, using the gross method to account for sales discounts. Assume a perpetual inventory system. Make sure to enter the day for each separate transaction.

March 9 Sold goods costing $4,200 to Perry Company on account, $7,000, terms 2/10, n/30. The goods are sold FOB shipping point, freight prepaid by seller, $220.

March 15 Perry Company returned damaged merchandise previously purchased on account, $800.

March 20 Received the amount due from Perry Company.

Note: The entry to record the shipping payment to the delivery company is not required in this problem.

Reference no: EM132493962

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