Exercise 240

June4Carla Vista Company purchased $4,100 worth of merchandise, terms n/30 from Gilbert Company. The cost of the merchandise was $3,000.13Carla Vista returned $600 worth of goods to Gilbert for full credit. The goods had a cost of $430 to Gilbert.13Carla Vista paid the account in full.

Assume use of the periodic inventory system for both companies.

Prepare the journal entries to record these transactions in Carla Vista's books