Hi,

I am not 1005 sure on how to journalize these two transactions using a perpetual merchandise inventory accounting system.

1) received credit of $40 from douglas Co. for a damaged raquet that was returned:

2) received cash payments on account from mebers $350


It should be noted that a previous transaction from douglas co. included

Purchased raquets and balls from douglas co. 840, terms 3/10 n/30

1.
Accounts Payable $40
Merchandise Inventory $40

2.
Cash $350
Accounts Receivable $350

Homework again...