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Business, 18.03.2021 01:00 annette211pdd8v9

On February 6, Markowitz Company sold $105,000 of merchandise to the Lyman Company, terms 2/10, net /30. The cost of the merchandise sold was $70,000. On February 8, the Lyman Company returned $14,000 of the merchandise purchased on February 6. The cost of the merchandise returned was $9,000. On February 16 Markowitz Company received the balance due from the Lyman Company. Prepare the journal entries to record the above transactions on Markowitz Company’s books using a perpetual inventory system.

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