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Craig's Snowboards uses the perpetual inventory system and the gross method of accounting for sales, and had the following sales transactions during June: June
Craig's Snowboards uses the perpetual inventory system and the gross method of accounting for sales, and had the following sales transactions during June: June 2 June 4 June 13 Sold merchandise to General Sports Store on credit for $4,800, terms 1/15, n/60. The items sold had a cost of $2,700. General Sports Store returned merchandise that had a selling price of $200. The cost of the merchandise returned was $110. General Sports Store paid for the merchandise sold on June 2 less the return, taking any appropriate discount earned. Record the journal entries on June 4.
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