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Kimble Company sold merchandise to Berry Company on account for $73,000 with credit terms of ?/10, n/30. The cost of the merchandise sold was $43,
Kimble Company sold merchandise to Berry Company on account for $73,000 with credit terms of ?/10, n/30. The cost of the merchandise sold was $43, 800 During the discount period, Berry Company returned $3,000 of merchandise and paid its account in full (minus the discount) by remitting $69, 300 in cash. Both companies use a perpetual inventory system. Prepare the journal entries that Kimble Company made to record: (1) (2) (3) the sale of merchandise. (2) the return of merchandise. (3) the collection on account
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