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

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 17Q: A seller sells $800 worth of goods on credit to a customer, with a cost to the seller of $300....

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