On April 14, 2016, Discount Furniture, Inc., sold $4,200 of inventory (cost is $1,350) on account to

Question:

On April 14, 2016, Discount Furniture, Inc., sold $4,200 of inventory (cost is $1,350) on account to one of its customers. The terms were 1/10, n/30, FOB destination. On April 16, Discount Furniture, Inc., paid freight charges of $145 related to the delivery of the goods sold on April 14. On April 20, $700 of goods (cost is $300) were returned by the customer. On April 23, Discount Furniture, Inc., received payment in full from the customer.

Requirement

Journalize all necessary transactions for Discount Furniture, Inc. Omit explanations?

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Financial Accounting

ISBN: 978-0134436111

4th edition

Authors: Robert Kemp, Jeffrey Waybright

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