(Solution) - Prepare the journal entries to record the Transaction Graff Comp -(2025 Original AI-Free Solution)

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Academic Level: Undergrad. (yrs 3-4)

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Prepare the journal entries to record the following transactions on Graff Company?s books using a perpetual inventory system.
(a) On March 2, Graff Company sold $800,000 of merchandise to Rodriguez Company, terms 2/10, n/30. The cost of the merchandise sold was $540,000.
(b) On March 6, Rodriguez Company returned $140,000 of the merchandise purchased on March 2. The cost of the merchandise returned was $94,000.
(c) On March 12, Graff Company received the balance due from Rodriguez Company.