Pronghorn Supply Company sold merchandise to Ace Company on account for $88,000 with credit terms of...

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Pronghorn Supply Company sold merchandise to Ace Company on account for $88,000 with credit terms of ?/10, n/30. The cost of the merchandise sold was $66,000. During the discount period, Ace Company returned $4,400 of merchandise and paid its account in full (minus the discount) by remitting $81,092 in cash. Both companies use a perpetual inventory system. Prepare the journal entries that Pronghorn Supply Company made to record the: (1) sale of merchandise. (2) return of merchandise. (3) collection on account. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) No. Account Titles and Explanation (1) Debit Credit Pronghorn Supply Company sold merchandise to Ace Company on account for $88,000 with credit terms of ?/10, n/30. The cost of the merchandise sold was $66,000. During the discount period, Ace Company returned $4,400 of merchandise and paid its account in full (minus the discount) by remitting $81,092 in cash. Both companies use a perpetual inventory system. Prepare the journal entries that Pronghorn Supply Company made to record the: (1) sale of merchandise. (2) return of merchandise. (3) collection on account. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) No. Account Titles and Explanation (1) Debit Credit