Question: Prepare journal entries under the periodic inventory system for the

Prepare journal entries under the periodic inventory system for the following transactions of Sanford Company and determine the total amount received from Sun Company:
Mar. 1 Sold merchandise on credit to Sun Company, terms 2/10, n/30, FOB shipping point, $2,000.
3 Accepted a return from Sun Company for full credit, $800.
10 Received payment from Sun Company for the sale, less the return and discount.
11 Sold merchandise on credit to Sun Company, terms 2/10, n/30, FOB ship-ping point, $3,200.
31 Received payment from Sun Company for the sale of March 11.



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  • CreatedSeptember 10, 2014
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