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George is a wholesaler of fabrics. He maintains his inventory records using the perpetual system. Martha is a seamstress and maintains her records using the

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George is a wholesaler of fabrics. He maintains his inventory records using the perpetual system. Martha is a seamstress and maintains her records using the periodic system. Since she takes all available discounts, she records purchases of goods using the net method. On October 1, George sells fabrics to Martha. The goods have a selling price of $1,000.00. The goods are shipped to Martha FOB shipping point. The payment terms are 2/15, n/30. The $1,000 of goods sold had a cost to George of $600.00 Martha received the goods on October 2. After she inspects the goods, she returns some non conforming goods to George. She receives a credit from George of $200.00. She makes the appropriate payment on October 10. Required: Make the required journal entries for George and then make the required journal enries for Martha

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