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June 4 Ivanhoe Marine Company purchased $3,000 of merchandise, terms n/30 from Acme Marine Supply Company. The cost of the merchandise was $2,500. 13 Ivanhoe
June | 4 | Ivanhoe Marine Company purchased $3,000 of merchandise, terms n/30 from Acme Marine Supply Company. The cost of the merchandise was $2,500. | |
13 | Ivanhoe Marine returned $660 of goods to Acme Marine Supply for full credit. The goods had a cost of $500 to Acme Marine. | ||
13 | Ivanhoe Marine paid the account in full. |
Assume use of the periodic inventory system for both companies.
Prepare the journal entries to record these transactions in Acme Marine Supplys records
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