Question

On February 4, Campbell Company sells inventory to a customer for $6,000. Terms of the sale are 1/15, net 30. On February 10, the customer returns $500 of merchandise. The customer pays on February 15.
Required
Prepare all journal entries to record the merchandise sale, its return, and the collection of the receivable. Ignore any effects on inventory or cost of goods sold.


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  • CreatedJuly 16, 2015
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