Journalize the following transactions for Carter Company using the gross method of accounting for sales
discounts. Assume a perpetual inventory system. Also, assume a constant gross profit ratio for all items sold. Make sure to enter the day for each separate transaction.June2 Sold goods costing $6,960 to Hernandez Company on account, $11,600, terms 5/10, n/30. June8 Hernandez Company was granted an allowance of $580 for returned merchandise that was previously purchased on account. The returned goods are damaged and have no scrap value. June13 Received the amount due from Hernandez Company.
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