Problem
Journalize the following sales transactions for A&M Products. The company uses a perpetual inventory system.
June 4: Sold $10,000 of merchandise on account to Customer A, terms 1/15, n/30 FOB destination. The merchandise cost $5,000 and it cost A&M $200 to ship.
June 8: Customer A returned $300 from the June 4 sale. The cost of the goods was $150.
June 13: A & M received payment from Customer A.
June 20: Sold $5, 200 of merchandise to Customer B on account, terms 1/10, n/45, FOB shipping point; the merchandise cost $2, 600 and A&M billed Customer B $100 for the cost of shipping.
June 29: Received payment from Customer B.