Question
Apr. 1 Sold merchandise for $3,000, granting the customer terms of 2/10, EOM; invoice dated April 1. The cost of the merchandise is $1,800. Apr.
| Apr. | 1 | Sold merchandise for $3,000, granting the customer terms of 2/10, EOM; invoice dated April 1. The cost of the merchandise is $1,800. |
| Apr. | 4 | The customer in the April 1 sale returned merchandise and received credit for $600. The merchandise, which had cost $360, is returned to inventory. |
| Apr. | 11 | Received payment for the amount due from the April 1 sale less the return on April 4. |
- Received payment for the amount due from the April 1 sale less the return on April 4.
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Fundamental Financial Accounting Concepts
Authors: Thomas Edmonds
7th Edition
73527122, 978-0073527123
