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On November 3, The Golden Fish restaurant purchases 100 pounds of cod from Santos Fisheries for $500. The cost of Santos is $250. Payment terms
On November 3, The Golden Fish restaurant purchases 100 pounds of cod from Santos Fisheries for $500. The cost of Santos is $250. Payment terms are 2/10, n/30. Shipping terms are FOB Shipping Point. On November 7, Golden Fish returns 20 pounds of fish because it is trout, not cod. Santos can resell the fish to another customer who prefers trout. Santos' cost is the same for both types of fish. On November 12, The Golden Fish remits payment for the full amount outstanding, less any available discounts. Prepare the journal entry to record the payment on The Golden Fish's books. DR: accounts payable 400 CR: purchase discounts 8 Record any discount here! CR: cash 392 Prepare the journal entry to record receipt of the payment on Santos' books. DR: cash 392 DR: sales returns and allowances 100 CR: accounts receivable 492 Flag question: Question 6 Question 61 pts Using the information from the questions above, prepare Santos' Income Statement through Gross Profit. Account Amount Sales Sales Returns and Allowances Sales Discounts Net Sales Cost of Goods Sold Gross Profit
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