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Journal Entries for Sale, Return, and Remittance-Perpetual System On October 14, the Patrick Company sold merchandise with an invoice price of $1,800 ($1,550 cost), with terms of 2/10, n/30, to the Baxter Company. On October 18, $300 of the merchandise ($240 cost) was returned because it was the wrong size. On October 24, the Patrick Company received a check for the amount due from the Baxter Company. Required Prepare the journal entries for the Patrick Company using the perpetual inventory system. General Journal Description Date Debit Credit Oct 14 Sold merchandise to Baxter Company terms 2/10./30. Cost of merchandise sold to Baxter Company 18 > Merchandise returned by Baxter Company 18 e Cost of merchandise returned by Baxter Company 24 Cash ". Required Prepare the journal entries for the Patrick Company using the perpetual inventory system. General Journal Date Description Debit Credit Oct. 14 . Sold merchandise to Baxter Company terms 2/10, n/30. 14 0 Cost of merchandise sold to Baxter Company. 18 0 Merchandise returned by Baxter Company. 18 . . Cost of merchandise returned by Baxter Company. 24 Cash Remittance received from Baxter Company