Suppose Peters Hardware sells merchandise on account, terms 2/10, n/45, for $750 (cost of the inventory is

Question:

Suppose Peter’s Hardware sells merchandise on account, terms 2/10, n/45, for $750 (cost of the inventory is $460) on May 17, 2010. Peter’s Hardware later received $225 of goods (cost, $140) as sales returns on May 21,2010. The customer paid the balance due on May 26, 2010.

Journalize the May, 2010 transactions for Peter’s Hardware.

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