Business, 18.03.2021 01:20, cman8228

Prepare the journal entries to record the following transactions on Markowitz Company's books using a perpetual inventory system. On February 6, Wildhorse Company sold $102,000 of merchandise to the Lyman Company, terms 2/10, net /30. The cost of the merchandise sold was $71,000.
On February 8, the Lyman Company returned $13,000 of the merchandise purchased on February 6. The cost of the merchandise returned was $9,400. On February 16 Wildhorse Company received the balance due from the Lyman Company.

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Prepare the journal entries to record the following transactions on Markowitz Company's books using...