Record the following transactions on the books of Hernan Ltd., which uses a perpetual inventory system.
(a) Sold $26,000 of merchandise on April 28 to Valez Ltd., terms 2/10, n/30. The goods sold had cost Hernan $18,000.
(b) On May 1, Hernan sold $35,000 of merchandise to Quilmes Ltd., terms 2/10, n/30. The goods sold had cost Hernan $24,000.
(c) On May 3, merchandise with a selling price of $1,200 was returned by Valez. The goods had a cost of $850 and they were restored to inventory.
(d) On May 6, Valez paid its account.
(e) On June 1, Hernan added one month's interest to Quilmes's account for the overdue receivable. Hernan charges 18% per year on overdue accounts.