The following are selected transactions of Midnight, Inc.: Sold and shipped on account to Sirius, Inc. merchandise for $3,000 ($1,800 cost), terms 2/10, n/30. Sirius, Inc. returned merchandise billed at $600 ($360 cost) on May 10. Received a check from Sirius, Inc. for full settlement of the May 10 transaction. May 10 16 19 Record the above transactions in general journal form as they would appear on the books of (a) Midnight, Inc. and (b) Sirius, Inc. Both companies use the perpetual inventory system. Omit explanations for the journal entries.

The following are selected transactions of Midnight, Inc.: Sold and shipped on account to Sirius, Inc. merchandise for $3,000 ($1,800 cost), terms 2/10, n/30. Sirius, Inc. returned merchandise billed at $600 ($360 cost) on May 10. Received a check from Sirius, Inc. for full settlement of the May 10 transaction. May 10 16 19 Record the above transactions in general journal form as they would appear on the books of (a) Midnight, Inc. and (b) Sirius, Inc. Both companies use the perpetual inventory system. Omit explanations for the journal entries.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter10: Accounting For Sales And Cash Receipts

Section: Chapter Questions

Problem 2CE: Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is...

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