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Il. Purchase and Sales of Merchandise (15 points) The following are selected transactions of Shadow,...

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Il. Purchase and Sales of Merchandise (15 points) The following are selected transactions of Shadow, Inc. May 10 Sold and shipped on account to Mystic, Inc. merchandise for $2,000 ($1.200 cost). 16 Mystic, Inc. returned merchandise billed at $400 ($240 cost) on May 10. Record the above transactions in general journal form as they would appear on the books of (a) terms 2/10, n/30. 19 Received a check from Mystic, Inc. for full settlement of the May 10 transaction. Shadow, Inc. and (b) Mystic, Inc. Both companies use the perpetual inventory system. Omit explanations for the journal entries

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