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Prepare the journal entries to record the following transactions on Markowitz Company's books using a perpetual inventory system.
On February 6, Wildhorse Company sold $102,000 of merchandise to the Lyman Company, terms 2/10, net /30. The cost of the merchandise sold was $71,000.
On February 8, the Lyman Company returned $13,000 of the merchandise purchased on February 6. The cost of the merchandise returned was $9,400. On February 16 Wildhorse Company received the balance due from the Lyman Company.

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Tundexi

Answer:

Date       Account titles and explanation   Debit        Credit

Feb 6     Accounts Receivable                   $102,000

                   Sales Revenue                                           $102,000

             Cost of Goods Sold                        $71,000

                    Inventory                                                    $71,000

Feb 8     Sales Returns and Allowances     $13,000

                     Accounts Receivable                                 $13,000

               Inventory                                       $9,400

                       Cost of Goods Sold                                  $9,400

Feb 16      Cash ($89,000*0.98)                   $87,220

                Sales Discounts                            $1,780

                    Accounts Receivable ($102,000-$13,000)  $89,000

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