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San Diego State University Operations And Supply Chain Management Assignment Help - System

Question - Prepare the journal entries to record the following transactions on Derrick Company’s books using a
perpetual inventory system.
(a) On March 2, Derrick Company sold $900,000 of merchandise to Rose Company, terms 2/10, n/30.
The cost of the merchandise sold was $620,000.
(b) On March 6, Rose Company returned $90,000 of the merchandise purchased on March 2. The
cost of the returned merchandise was $62,000.
(c) On March 12, Derrick Company received the balance due from Rose Company.

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