On November 14 2013 Amazing Sound Inc sold 3 100 of
On November 14, 2013, Amazing Sound, Inc. sold $3,100 of inventory (cost is $1,330) on account to one of its customers. The terms were 3/10, n/30, FOB destination. On November 16, Amazing Sound, Inc. paid freight charges of $65 related to the delivery of the goods sold on November 14. On November 20, $800 of damaged goods (cost is $420) were returned by the customer. On November 23, Amazing Sound, Inc. received payment in full from the customer.
Requirement
Journalize all necessary transactions for Amazing Sound, Inc. using
(1) The perpetual inventory system
(2) The periodic inventory system. Omit explanations.
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