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Journalize the following transactions for M & M Entertainment using the periodic inventory system.

  • March 7 M & M Entertainment sold $16,100 of merchandise on account, credit terms 3/15, n/EOM.
  • March 11 M & M Entertainment received a return of $3,300 for defective goods from the customer.
  • March 21 M & M Entertainment receives payment from the customer on the amount due, less the return and discount.

Journal
DateDescriptionDebitCredit
March 7
March 7
March 11
March 11
March 21
March 21
March 21

 


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