Essay
Prepare the necessary journal entries to record the following transactions assuming Oldman Company uses a perpetual inventory system.
(a) Oldman sells $54000 of merchandise terms 1/10 n/30. The merchandise cost $30000.
(b) The customer in (a) returned $5000 of merchandise to Oldman. The merchandise returned cost $3500.
(c) Oldman received the balance due within the discount period.
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