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Prepare the journal entries to record transactions

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

(a) On March 2, Monroe Company sold $895,990 of merchandise to Churchill Company, terms 2/10, n/30. The cost of the merchandise sold was $623,000.

(b) On March 6, Churchill Company returned $111,690 of the merchandise purchased on March 2 because it was defective. The cost of the returned merchandise was $81,630.

(c) On March 12, Monroe Company received the balance due from Churchill Company. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.

Reference no: EM131789938

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