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Smith Company, a furniture wholesaler, sells $87,600 of merchandise on account to Belarus Company on May 3, payment terms 3/15, net 30, F.O.B. shipping point.

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Smith Company, a furniture wholesaler, sells $87,600 of merchandise on account to Belarus Company on May 3, payment terms 3/15, net 30, F.O.B. shipping point. The cost of the merchandise sold is $55,180. On May 6, Belarus returns $16,830 of the merchandise. The cost to Smith of the merchandise returned was 9,700. On May 17, Belarus pays for the purchase. a. Prepare the journal entries for Smith b. Prepare the journal entries for Belarus

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