Suppose Paul’s Hardware sells merchandise on account, terms 1/10, n/60, for $700 (cost of the inventory is $380) on March 17, 201 2. Paul’s Hardware later received $235 of goods (cost, $105) as sales returns on March 21, 2012. The customer paid the balance due on March 26, 2012.
Journalize the March, 2012 transactions for Paul’s Hardware.