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.
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text: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.
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