Question $4$

Stark Industries uses the perpetual inventory system and the gross method of accounting sales, and had the following sales transactions during August:

Transactions

Aug $2$ Sold merchandise to Comic, Inc. on credit for $$4,800,$ terms $\frac{1}{15},\frac{n}{60}.$ The items sold had a cost of $$2,700.$

Aug $4$ Comic, Inc. returned merchandise that had a selling price of $$200.$ The cost of the merchandise returned was $$110.$ Stark returned the goods to inventory. Comic, Inc. paid for the merchandise sold on August $2$ less the return, taking any appropriate discount earned.

ug $13$