On June 15, Dej Company sold merchandise for $2,600 on terms of n/30 to Musan Company. On June 20, Musan Company returned some of the merchandise for a credit of $600, and on June 25, Musan paid the balance owed. Give Dej’s entries in T account form to record the sale, return, and receipt of payment under the perpetual inventory system. The cost of the merchandise sold on June 15 was $1,500, and the cost of the merchandise returned to inventory on June 20 was $350.

Preparation of the Income Statement: Periodic Inventory System