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Problem #1 Steve's Skateboards uses the perpetual inventory system and had the following sales transactions during April: 2-Apr Sold merchandise to Happy Hobby Shop on
Problem #1 Steve's Skateboards uses the perpetual inventory system and had the following sales transactions during April: 2-Apr Sold merchandise to Happy Hobby Shop on credit for $4800, terms 1/15, n/60. The item sold had a cost of $2700. 4-Apr Happy Hobby Shop returned merchandise that had a selling price of $200. The cost of the merchandise returned was $110. 13-Apr Happy Hobby Shop paid for the merchandise sold on April 2, taking an appropriate discount earned. Prepare the journal entries that Steve's Skateboards must make to record these transactions
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