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Prepare the journal entries to record the following transactions on Sunland Company's books using a perpetual inventory system.

a. On March 2, Splish Brothers Company sold $885,600 of merchandise to Sunland Company on account, terms 2/10, n/30. The cost of the merchandise sold was $519,500.
b. On March 6, Sunland Company returned $110,200 of the merchandise purchased on March 2. The cost of the merchandise returned was $63,000.
c. On March 12, Splish Brothers Company received the balance due from Sunland Company.

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Answer:

a. March 2, 202x, merchandise purchased on account from Splish Brothers, credit terms 2/10, n/30

Dr Merchandise inventory 885,600

    Cr Accounts payable 885,600

b. March 6, 202x, defective/wrong merchandise returned to Splish Brothers

Dr Accounts payable 110,200

    Cr Merchandise inventory 110,200

c. March 12, 202x, paid invoice to Splish Brothers within discount term

Dr Accounts payable 775,400

    Cr Cash 759,892

    Cr Purchase discounts 15,508

purchase discount = purchase balance x 2% = $775,400 x 2% = $15,508

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