During the months of January, Pearson Corporation sold goods to customers. Assume Pearson uses a perpetual inventory system.. The sequence of events was as follows:DateTransactionJan.6Sold goods for $1,040 to Kate Inc. with terms 2/15, n/30. The goods cost Pearson $453.Jan 10Sold goods to Randall Corp for $1,900 with terms 1/15, n/30. The goods cost Pearson $825.Jan 19Collected cash due from Randall Inc. What is the net sales from these transactions?

Sales revenue: It can be defined as the amount that is earned by the business from selling its…

Answered: During the months of January, Pearson…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 7MCQ

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During the months of January, Pearson Corporation sold goods to customers. Assume Pearson uses a perpetual inventory system.. The sequence of events was as follows:

Date	Transaction
Jan.6	Sold goods for $1,040 to Kate Inc. with terms 2/15, n/30. The goods cost Pearson $453.
Jan 10	Sold goods to Randall Corp for $1,900 with terms 1/15, n/30. The goods cost Pearson $825.
Jan 19	Collected cash due from Randall Inc.