Coleman Company uses the gross method and a perpetual inventory system. Assuming the following entries, compute...
Coleman Company uses the gross method and a perpetual inventory system. Assuming the following entries, compute the amount that Coleman Company received on June 19.
| June | 8 | Sold goods costing $3,000 to Powell Company on account, $5,000, terms 5/10, n/30. The goods are shipped FOB Shipping Point, Freight Prepaid by Seller, $330. | |
| June | 14 | Powell Company returned undamaged merchandise previously purchased on account, $200. | |
| June | 19 | Received the amount due from Powell Company. |
Homework Answers
calculate amount received
| Sales revenue | 5000 |
| Less: Sales return | -200 |
| Less: Sales discount | -0 |
| Net Sales | 4800 |
| Add: Freight | 330 |
| Amount received | 5130 |
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Coleman Company uses the gross method and a perpetual inventory
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