Sales Transactions Money Company and Profit Company entered into the following transactions:

a. Money Company sold merchandise to Profit Company for $60,000, terms 2/10, n/30.

b. Prior to payment, Profit Company returned $4,000 of the merchandise for credit.

c. Profit Company paid Money Company in full within the discount period.

d. Profit Company paid Money Company in full after the discount period. [Assume that transaction

(c) did not occur.]

Required:

Prepare journal entries to record the transactions for Money Company (the seller).