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Prepare the necessary journal entries to record the following transactions, assuming Eustace Company uses a...

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Accounting

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Prepare the necessary journal entries to record the following transactions, assuming Eustace Company uses a perpetual inventory system. (a) Eustace sells $45,000 of merchandise, terms 1/10, n/30. The merchandise cost 530,000. (b) The customer in (a) returned $4,000 of merchandise to Eustace. The merchandise returned cost $2,400. (c) Eustace received the balance due within the discount period For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). TTT -Format .. Arial

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