Edwards Company uses the gross method and a perpetual inventory system. Assuming

Question

Edwards Company uses the gross method and a perpetual inventory system. Assuming the following entries, compute the amount that Edwards Company received on December 18 December 7 Sold goods costing $3,600 to Miller Company on account, $6,000, terms 1/10, n/30. The goods are shipped FOB December 13 Miller Company returned undamaged merchandise previously purchased on account, $900. Shipping Point, Freight Prepaid by Seller, $500 December 18 Received the amount due from Miller Company. Amount due from Miller Company on December 18: SD Clear Undo Help

Explanation / Answer

Amount due from miller company

Sales 6000 Less; Sale return (900) 5100 Less: Sales discount (5100*1%) (51) Amount received from miller company 5049

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