A company sold $18,000 of goods on credit on May 1. At the time of the sale, the company recorded a debit to Accounts Receivable and a credit to Sales Revenue for $18,000. Terms were 2/10, n/30.
Complete the journal entries the company would record for each of the following independent situations:
(a) The balance due was paid, less the discount, on May 10.
(b) The balance due was paid on May 30.
(c) Half of the goods were returned for credit on May 4. The balance due was paid, less the discount, on May 10.