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Prepare the journal entries to record the transactions

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Reference no: EM131619689

Problem - Prepare the journal entries to record the following transactions on Derrick Company's books using a perpetual inventory system.

(a) On 2 March, Derrick Company sold $967,000 of merchandise to Rose Company, terms 2/10, n/30. The cost of the merchandise sold was $567,000.

(b) On 6 March, Rose Company returned $96,700 of the merchandise purchased on 2 March. The cost of the returned merchandise was $56,700.

(c) On 12 March, Derrick Company received the balance due from Rose Company.

Reference no: EM131619689

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