Given the following transactions engaged in by Stanford Company, prepare journal entries and, assuming the periodic inventory
Question:
Given the following transactions engaged in by Stanford Company, prepare journal entries and, assuming the periodic inventory system, determine the total amount received from Penkas Company.
Mar. 1 Sold merchandise on credit to Penkas Company, terms 2/10, n/30, FOB shipping point, $1,000.
3 Accepted a return from Penkas Company for full credit, $400.
10 Collected amount due from Penkas Company for the sale, less the return and discount.
11 Sold merchandise on credit to Penkas Company, terms 2/10, n/30, FOB shipping point, $1,600.
31 Collected amount due from Penkas Company for the sale of March 11.
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Mar 1 Accounts Receivable 1000 Sales 1000 Sold merchandise on credit to Pen...View the full answer
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