Journal Entries for Sale, Return, and Remittance-Periodic System On June 8, James Company sold merchandise listing for $1,850 to Dalton Company, terms 3/10, n/30. On June 12, 1550 worth of the merchandise was returned because it was the wrong color. On June 18, James Company received a check for the amount due Required Record the journal entries made by James Company for these transactions. James uses the periodic inventory system Date June General Journal Description 12 Sold merchandise to Dalton Company terms 3/10, w/30 Merchandise returned by Dalton Company 18 Cash = Remittance received from Dalton Company Debit Credit