Sunland Company purchased merchandise on account from Office Suppliers for $78,000, with terms of 1/10, n/30. During the discount period, Sunland returned some merchandise and paid $60,093 as payment in full. Sunland uses a perpetual inventory system. Prepare the journal entries that Sunland Company made to record the: (1)purchase of merchandise. (2)return of merchandise. (3)payment on account.
