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Foster Company uses the gross method and a perpetual inventory system. Assuming the following entries, compute the amount that Foster Company received on December 12.
December 2 Sold goods costing $9,000 to Hughes Company on account, $15,000, terms 5/10, n/30. The goods are shipped FOB Shipping Point, Freight Prepaid by Seller, $330.
December 8 Hughes Company returned undamaged merchandise previously purchased on account, $3,100.
December 12 Received the amount due from Hughes Company.

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Tundexi

Answer:

Particulars                                                   Amount

Gross sales                                                  $15,000

Less: Sales returns                                      $3,100

Less: Sales Discount                                   $595     (15,000 -3,100 )*5%

Add: Freight prepaid by seller                    $330

Amount Foster Co. received on Mar. 18  $11,635

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