[mikemike123]

Worthington sold 500 units on account to Highsmith on February 3 2010. The units have a list price of 500 each, but highsmith was extended a 40% trade discount. The terms of the sale were 1/10, n/30. Freight charges paid highsmith in cash to an independent carrier amounted to 500. On February 11, highsmith paid 9000 less applicable cash discount. A few days later on February 14 highsmith returned 2000 in defective merchandise for credit. On February 26 the remaining balance of 4000 was paid highsmith began the month with merchandise inventory of 3000. No other purchasees were made in February retail sales for the month all on credit totaled 20700. Highsmith took physical inventory at the close of the month and determined based on its count that 3800 in merchandise remained on hand. Prepare all journal entries made by worthington and highsmith to record the above transactions. In addition prepare the adjusting entry necessary on februar 28 2010 by highsmith to record cost of goods sold.

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