More info Jan. 4 Jan. 8 Sold $17,000 of antiques on account, credit terms are n/30. Cost of goods is $8,500. Jan. 20 Jan. 20 Received a $200 sales return on damaged goods from the customer. Cost of goods damaged is $100. Vintage World received payment from the customer on the amount due Jan. 13 from Jan. 4, less the return. Sold $5,400 of antiques on account, credit terms are 2/10, n/45, FOB destination. Cost of goods is $2,700. Vintage World paid $50 on freight out. Received payment from the customer on the amount due from Jan. 20, Jan. 29 less the discount.

More info Jan. 4 Jan. 8 Sold $17,000 of antiques on account, credit terms are n/30. Cost of goods is $8,500. Jan. 20 Jan. 20 Received a $200 sales return on damaged goods from the customer. Cost of goods damaged is $100. Vintage World received payment from the customer on the amount due Jan. 13 from Jan. 4, less the return. Sold $5,400 of antiques on account, credit terms are 2/10, n/45, FOB destination. Cost of goods is $2,700. Vintage World paid $50 on freight out. Received payment from the customer on the amount due from Jan. 20, Jan. 29 less the discount.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 12MC: On January 1, Incredible Infants sold goods to Babies Inc. for $1,540, terms 30 days, and received...

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