Question

Prepare journal entries under the periodic inventory system for the following transactions of Sanford Company and determine the total amount received from Sun Company:
Mar. 1 Sold merchandise on credit to Sun Company, terms 2/10, n/30, FOB shipping point, $2,000.
3 Accepted a return from Sun Company for full credit, $800.
10 Received payment from Sun Company for the sale, less the return and discount.
11 Sold merchandise on credit to Sun Company, terms 2/10, n/30, FOB ship-ping point, $3,200.
31 Received payment from Sun Company for the sale of March 11.



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  • CreatedSeptember 10, 2014
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