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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
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, 5800 of goods (cost Is 5285) were returned by the customer. On July 23, Salem Food Wholesale, Inc. received payment in full from the customer Read the requirement Start by journalizing the revenue from the July 14 sale of inventory (Record debits first, then credits Exclude explanations from any journal entries. Do not yet record the cost related to the sale. We will do this in the next journal entry) Journal Entry Accounts Date Debit Credit Jul 14
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