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On July 2,2024, Skysong Company sold to Sue Black merchandise having a sales price of...

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Accounting

On July 2,2024, Skysong Company sold to Sue Black merchandise having a sales price of $12,900(cost $7,740) with terms of 2/10. n/30. f.o.b. shipping point. Skysong estimates that merchandise with a sales value of $840 will be returned. An invoice totaling $110, terms n/30, was received by Black on July 6 from Pacific Delivery Service for the freight cost. Upon receipt of the goods, on July 3, Black notified Skysong that $300 of merchandise contained flaws. The same day, Skysong issued a credit memo covering the defective merchandise and returned it at Skysong's expense. Skysong estimates the returned items to have a fair value of $130. The freight cost of $20 on the returned merchandise was paid by Skysong on July 7. On July 12, the company received a check for the balance due from Black.Prepare journal entries for Skysong Company to record all the events noted above assuming sales and receivables are recorded at gross selling price.
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