On December 1, 2023, Harper Supplies sold merchandise costing $6,000 for $12,000, FOB destination, with payment terms 2/10, n/30. Harper paid $120 for transportation. On December 4, merchandise worth $4,000 (cost: $2,000) was returned. The remaining balance was paid by the customer on December 9, 2023. What is the net sales revenue? a) $8,000 b) $7,840 c) $8,120 d) $7,880

On December 1, 2023, Harper Supplies sold merchandise costing $6,000 for $12,000, FOB destination, with payment terms 2/10, n/30. Harper paid $120 for transportation. On December 4, merchandise worth $4,000 (cost: $2,000) was returned. The remaining balance was paid by the customer on December 9, 2023. What is the net sales revenue? a) $8,000 b) $7,840 c) $8,120 d) $7,880

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter10: Accounting For Sales And Cash Receipts

Section: Chapter Questions

Problem 2CE: Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is...

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Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is sold on account for 300 plus 3% sales tax, with 2/10, n/30 cash discount terms. (b) Part of the merchandise sold in transaction (a) for 70 plus sales tax is returned for credit. (c) The balance on account for the merchandise sold in transaction (a) is paid in cash within the discount period.
A seller sells $800 worth of goods on credit to a customer, with a cost to the seller of $300. Shipping charges are $100. The terms of the sale are 2/10, n/30, FOB Destination. What, if any, journal entry or entries will the seller record for these transactions?
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