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Record the following transactions on the books of Honey Co. (Omit cost of goods sold entries.)...

Record the following transactions on the books of Honey Co. (Omit cost of goods sold entries.) (Record journal entries in the order presented in the problem.)

(a) On August 1, Honey Co. sold merchandise on account to Honey Inc. for $23,860, terms 3/10, n/30.
(b) On August 8, Beehive Inc. returned merchandise worth $3,860 to Honey Co.
(c) On August 11, Beehive Inc. paid for the merchandise.
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Answer #1

I assumed that the merchandise was sold to Beehive Inc. in Part(a) of the question.

Discount will be allowed, since the payment was made within 10 days.

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