Suppose Pearson Education, the publisher, sells 1,000 books on account for $150 each (cost of these books is $100,000) on October 10, 2014. The customer discovered that 100 of these books were the wrong edition, so Pearson later received these books as sales returns on October 13, 2014. Then the customer paid the balance on October 22, 2014. Credit terms were 2/15, net 30.
Journalize Pearson's October 2014 transactions. Pearson uses the perpetual inventory system.