Question: Given the following transactions engaged in by Fournier Company prepare

Given the following transactions engaged in by Fournier Company, prepare journal entries and, assuming the periodic inventory system, determine the total amount received from Brook Company:
Dec. 1 Sold merchandise on credit to Brook Company, terms 2/10, n/30, FOB shipping point, $500.
3 Accepted a return from Brook for full credit, $200.
10 Collected amount due from Brook for the sale, less the return and discount.
11 Sold merchandise on credit to Brook, terms 2/10, n/30, FOB shipping point, $800.
31 Collected amount due from Brook for the sale of December 11.



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  • CreatedMarch 26, 2014
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