30 Dec Stuckey Co. sold merchandise to Bullock Co. on acc
Stuckey Co. sold merchandise to Bullock Co. on account, $5,250, terms 2/15, n/30. The cost of the merchandise sold is $3,150. Stuckey Co. issued a credit memorandum for $650 for merchandise returned and later received the amount due within the discount period. The cost of the merchandise returned was $390. Journalize Stuckey Co.’s and Bullock Co.’s entries for the receipt of the check for the amount due from Bullock Co.