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Jones Company uses the gross method and a perpetual inventory system. Assuming the following entries, compute the amount that Jones Company received on November 16.
Jones Company uses the gross method and a perpetual inventory system. Assuming the following entries, compute the amount that Jones Company received on November 16.
November | 5 | Sold goods costing $4,200 to Moore Company on account, $7,000, terms 5/10, n/30. The goods are shipped FOB Shipping Point, Freight Prepaid by Seller, $390. | |
November | 11 | Moore Company returned undamaged merchandise previously purchased on account, $1,600. | |
November | 16 | Received the amount due from Moore Company. |
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