(Answered) 1 summit co a furniture wholesaler sells merchandise to

Accounting

1. Summit Co., a furniture wholesaler, sells merchandise to Bitone Co. on account, $23,400, terms 2/10, n/30. The cost of the merchandise sold is $14,000. Summit Co. issues a credit memo for $4,400 for merchandise returned and subsequently receives the amount due within the discount period. The cost of the merchandise returned is $2,600.

Journalize Summit Co.'s entries for

(a) The sale, including the cost of the merchandise sold,

(b) The credit memo, including the cost of the returned merchandise, and

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