Powell Company uses the gross method and a perpetual inventory system. Assuming the following entries, compute...
Powell Company uses the gross method and a perpetual inventory system. Assuming the following entries, compute the amount that Powell Company received on November 20.
| November | 9 | Sold goods costing $5,400 to Alexander Company on account, $9,000, terms 4/10, n/30. The goods are shipped FOB Shipping Point, Freight Prepaid by Seller, $50. | |
| November | 15 | Alexander Company returned undamaged merchandise previously purchased on account, $1,100. | |
| November | 20 | Received the amount due from Alexander Company. |
Homework Answers
Calculate amount received
| Sales | 9000 |
| Less: Sales return | -1100 |
| Less: Sales discount | 0 |
| Net Sales | 7900 |
| Add: Freight | 50 |
| Cash received | 7950 |
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