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Our House is a manufacturer of furniture. On June 16, 20X9, Our House received an order from Old Fashioned, Inc., for 15 living room sets
Our House is a manufacturer of furniture. On June 16, 20X9, Our House received an order from Old Fashioned, Inc., for 15 living room sets at $1,500 per set. The furniture was delivered by Our House to Old Fashioned, Inc., on June 30, 20X9, at which time Our House billed Old Fashioned under the terms 2/30, n/60. Old Fashioned, Inc., paid Our House on July 25. Assume Our House uses a periodic inventory system. Prepare the appropriate journal entries for
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