question

Prepare the journal entries to record these transactions in (a) Saturn's records and (b) Jupiter's records. June 4 Saturn Company purchased $8,000 worth of merchandise, terms 1/10 from Jupiter Company. The cost of the merchandise was $5,300. June 12 Saturn returned $500 worth of goods to Jupiter for full credit. The goods had a cost of $350 to Jupiter. June 14 Saturn paid the account in full. Assume both companies use the perpetual inventory system. You can copy and paste the below table to complete your answer. Have one table for Saturn's transactions and one table for Jupiter's transactions. Make sure to complete the journal entries for both companies