XYZ Company sold goods for $100,000 on credit terms of 2/10, n/30. The company uses the gross
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XYZ Company sold goods for $100,000 on credit terms of 2/10, n/30. The company uses the gross method to account for sales discounts. On the 15th day after the sale, the customer returned goods worth $10,000, and XYZ issued a credit memo. The customer paid the remaining balance on the 30th day. What amount of revenue should XYZ recognize for this transaction?
Related Book For
Horngrens Accounting
ISBN: 978-0133855371
10th Canadian edition Volume 1
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura, Carol A. Meissner, Jo Ann L. Johnston, Peter R. Norwood
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