On September 1, Serrano Company purchased 70 units of Product A for $35,000 cash and also paid $1,500 transportation costs related to this purchase. On the same date, Serrano Company purchased 100 units of Product B for $10,000 on credit; however, the seller paid the $1,200 freight. The credit terms for Product B were 2/10, n/30. On September 3rd, Serrano Company determined that 5 units of Product A were defective, so they were returned to the seller. Serrano Company paid for its purchase of Product B on September 9th. On September 10th, Serrano Company purchased 90 units of Product C for $8,000 on credit with terms 1/10, n/30. The seller paid the freight. Serrano Company paid for its purchase of Product C on September 21st.
-Refer to the information presented for Serrano Company. On September 12th, Serrano Company sold 10 units of Product B to customers for $180 each. Serrano Company had paid $100 for each unit of Product B when it purchased them from the supplier on September 1st. On September 15th, customers returned 2 units of Product B for a cash refund.
Record the journal entries for this sale and sales return assuming the company uses a periodic inventory system.

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The Answer of On September 1, Serrano Company purchased 70 units of Product A for $35,000 cash and also paid $1,500 transportation costs related to this purchase. On the same date, Serrano Company purchased 100 units of Product B for $10,000 on credit; however, the seller paid the $1,200 freight. The credit terms for Product B were 2/10, n/30. On September 3rd, Serrano Company determined that 5 units of Product A were defective, so they were returned to the seller. Serrano Company paid for its purchase of Product B on September 9th. On September 10th, Serrano Company purchased 90 units of Product C for $8,000 on credit with terms 1/10, n/30. The seller paid the freight. Serrano Company paid for its purchase of Product C on September 21st.
-Refer to the information presented for Serrano Company. On September 12th, Serrano Company sold 10 units of Product B to customers for $180 each. Serrano Company had paid $100 for each unit of Product B when it purchased them from the supplier on September 1st. On September 15th, customers returned 2 units of Product B for a cash refund.
Record the journal entries for this sale and sales return assuming the company uses a periodic inventory system.

On September 1, Serrano Company Purchased 70 Units of Product