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Feathertouch Company Sold Merchandize Worth $800 on Credit, Terms N/15

Question 97

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Feathertouch Company sold merchandize worth $800 on credit, terms n/15 and on the next day the customer returned merchandize worth $50, which cost $30 for Feathertouch company. What is the required journal entry to record the merchandize returns under the perpetual inventory system? Feathertouch Company sold merchandize worth $800 on credit, terms n/15 and on the next day the customer returned merchandize worth $50, which cost $30 for Feathertouch company. What is the required journal entry to record the merchandize returns under the perpetual inventory system?

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