Question $3$

Prepare the journal entries to record the following transactions on Acme Home Company's books using

a perpetual inventory system.

On February $6,$ Acme sold $$105,000$ of merchandise to A$1$ Interiors Company, terms $\frac{2}{10},$ net $\frac{?}{30}.$ The

cost of the merchandise sold was $$60,000.$

On February $8,A1$ returned $$14,000$ of the merchandise purchased on February $6.$ The cost of the

merchandise returned was $$9,000.$

On February $16,$ Acme received the balance due

from A$1.$Question $3$

Prepare the journal entries to record the following transactions on Acme Home Company's books using

a perpetual inventory system.

On February $6,$ Acme sold $$105,000$ of merchandise to A$1$ Interiors Company, terms $\frac{2}{10},$ net $\frac{?}{30}.$ The

cost of the merchandise sold was $$60,000.$

On February $8,A1$ returned $$14,000$ of the merchandise purchased on February $6.$ The cost of the

merchandise returned was $$9,000.$

On February $16,$ Acme received the balance due from A$1.$