Question
Flores Company uses the gross method and a perpetual inventory system. Assuming the following entries, compute the amount that Flores Company received on October 21.
Flores Company uses the gross method and a perpetual inventory system. Assuming the following entries, compute the amount that Flores Company received on October 21.
October 10 Sold goods costing $9,000 to Washington Company on account, $15,000, terms 5/10, n/30. The goods are shipped FOB Shipping Point, Freight Prepaid by Seller, $320.
October 16 Washington Company returned undamaged merchandise previously purchased on account, $2,800.
October 21 Received the amount due from Washington Company.
Amount due from Washington County on October 21
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A Journey Into Auditing Culture
Authors: Grant Thornton United Kingdom, Susan Jex, Eddie J. Best
1st Edition
1634540565, 978-1634540568
