Question: On June 15 Lama Company sold merchandise for 2 600 on
On June 15, Lama Company sold merchandise for $2,600 on terms of n/30 to Cat Company. On June 20, Cat Company returned some of the merchandise for a credit of $600, and on June 25, Cat paid the balance owed. Prepare T accounts to record the sale, return, and receipt of payment under the perpetual inventory system. The cost of the merchandise sold on June 15 was $1,500, and the cost of the merchandise returned to inventory on June 20 was $350.
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