1. On September 2nd the company sold inventory that cost $28,000 for a price of $59,000. Terms to the customer were 0.5/15, n 30. Payment of $20,000 was received on September 14th. The customer returns goods with a sales price of $1,600 on September 16th. $25,000 was received on September 29th. All amounts are stated as "gross". Record the required journal entries for the sale and collections given the company uses the A. net method B. gross method

1. On September 2nd the company sold inventory that cost $28,000 for a price of $59,000. Terms to the customer were 0.5/15, n 30. Payment of $20,000 was received on September 14th. The customer returns goods with a sales price of $1,600 on September 16th. $25,000 was received on September 29th. All amounts are stated as "gross". Record the required journal entries for the sale and collections given the company uses the A. net method B. gross method

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter12: Financial Statements, Closing Entries, And Reversing Entries

Section: Chapter Questions

Problem 1PB: A partial work sheet for McKnight Music Store is presented here. The merchandise inventory at the...

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