=+EX 6-25 Sales tax transactions obj. 3 Summit Co., a furniture wholesaler, sells merchandise to Bitone Co. on account, $23,400, terms 2/10, n/30. The cost of the merchandise sold is $14,000. Summit Co. issues a credit memo for $4,400 for merchandise returned and subsequently receives the amount due within the discount period. The cost of the merchandise returned is $2,600.

Journalize Summit Co.’s entries for

(a) the sale, including the cost of the merchandise sold,

(b) the credit memo, including the cost of the returned merchandise, and

(c) the