1. On September 12, Ryan Company sold merchandise in the amount of $9,600 to Johnson...
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1. On September 12, Ryan Company sold merchandise in the amount of $9,600 to Johnson Company, with credit terms of 2/10, n/30. The cost of the items sold is $5,900. Ryan uses the periodic inventory system and the net method of accounting for sales. Johnson pays the invoice on September 18, and takes the appropriate discount. The journal entry that Ryan makes on September 18 is:
2. On September 12, Ryan Company sold merchandise in the amount of $9,600 to Johnson Company, with credit terms of 2/10, n/30. The cost of the items sold is $5,900. Ryan uses the periodic inventory system and the net method of accounting for sales. On September 14, Johnson returns some of the merchandise. The selling price of the merchandise is $880 and the cost of the merchandise returned is $540. Johnson pays the invoice on September 18, and takes the appropriate discount. The journal entry that Ryan makes on September 18 is:
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