Jones Company uses the gross method and a perpetual inventory system. Assuming the following entries, compute...
Jones Company uses the gross method and a perpetual inventory system. Assuming the following entries, compute the amount that Jones Company received on May 18.
| May | 8 | Sold goods costing $7,800 to Perez Company on account, $13,000, terms 4/10, n/30. The goods are shipped FOB Shipping Point, Freight Prepaid by Seller, $320. | |
| May | 14 | Perez Company returned undamaged merchandise previously purchased on account, $2,200. | |
| May | 18 | Received the amount due from Perez Company. |
Homework Answers
| Net Sales (13,000 - returns 2,200) | 10,800 | |
| Freight | 320 | |
| Amount that can be received | 11,120 |
As Perez company paid after 10 days, no sales discount is applicable
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