On July 14, 2018, Salem Food Wholesale, Inc., sold $2,700 of inventory (cost is $1,050) on account

Question:

On July 14, 2018, Salem Food Wholesale, Inc., sold $2,700 of inventory (cost is $1,050) on account to one of its customers. The terms were 2/10, n/30, FOB destination. On July 16, Salem Food Wholesale, Inc., paid freight charges of $115 related to the delivery of the goods sold on July 14. On July 20, $800 of goods (cost is $285) were returned by the customer. On July 23, Salem Food Wholesale, Inc., received payment in full from the customer.


Requirement

Journalize all necessary transactions for Salem Food Wholesale, Inc., assuming the “net” method is used. No explanations are required.

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Financial Accounting

ISBN: 978-0134727790

5th edition

Authors: Robert Kemp, Jeffrey Waybright

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