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Review the following situations and record any necessary journal entries for Letter Depot. Mar. 9 Letter Depot purchases $11,420 worth of merchandise on credit from

Review the following situations and record any necessary journal entries for Letter Depot.

Mar. 9 Letter Depot purchases $11,420 worth of merchandise on credit from a manufacturer. Shipping charges are an extra $480 cash. Terms of the purchase are 2/10, n/40, FOB Destination, invoice dated March 9.

Mar. 20 Letter Depot sells $7,530 worth of merchandise to a customer who pays on credit. The merchandise has a cost to Letter Depot of $2,860. Shipping charges are an extra $440 cash. Terms of the sale are 3/15, n/50, FOB Destination, invoice dated March 20.

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