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On December 3 Mack Company sold $500,000 of merchandise to Pickert Co., terms 1/10, n/30. The cost of the merchandise sold was $320,000.
2. On December 8 Pickert Co. was granted an allowance of $28,000 for merchandise purchased on December 3.
3. On December 13 Mack Company received the balance due from Pickert Co.

(a) Prepare the journal entries to record these transactions on the books of Mack Company. Mack uses a perpetual inventory system.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9974297

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