On April 14, 2018, Discount Furniture, Inc., sold $4,200 of inventory (cost is $1,350) on account to
Question:
On April 14, 2018, 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., assuming the “net” method is used. No explanations are necessary.
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