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Prepare the journal entries to record given transactions

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Question - Two different companies, MI and DSC, entered into the following inventory transactions during December. Both companies use a perpetual inventory system.

December 5 - MI sold inventory on account to DSC for $360,000, terms 3/10, n/30. This inventory originally cost MI $234,000.

December 8 - DSC returned inventory to MI for a credit of $40,000. MI returned this inventory to inventory at its original cost of $26,000.

December 13 - DSC paid MI for the amount owed.

Required - Prepare the journal entries to record these transactions on the books of MI.

Reference no: EM133190005

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