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QUESTION
Prepare the journal entries to record the following transactions on Derrick Company's books using a perpetual inventory system.
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 $936,000 of merchandise to Rose Company, terms 4/10, n/30. The cost of the merchandise sold was $602,000.
b) On 6 March, Rose Company returned $93,600 of the merchandise purchased on 2 March. The cost of the returned merchandise was $60,200.
