(a) On March 2 Ramirez Company sold $800,000 of merchandise to
Ikerd Company, terms 2/10, n/30. The cost of the merchandise sold was
$540,000.
(b) On March 6 Ikerd Company returned $110,000 of the
merchandise purchased on March 2. The cost of the merchandise returned
was $75,000.
(c) On March 12 Ramirez Company received the balance due from Ikerd Company.
