Discovering the Timeless Magic of My Favorite Writer’s Words
October 6, 2025A governmental funds Statement of Revenues, Expenditures and Changes in Fund Balances reported expenditures of $30 million, including capital outlay…
October 6, 2025Feb 3. Purchased $2,700 of merchandise inventory on account under term 4/10, n/EOM and FOB shipping point
Feb 7. Returned $400 of defective merchandise purchased on Feb 3.
Feb 9. Paid freight bill of $100 on Feb 3 purchase
Feb 10. Sold merchandise inventory on account for $4,350. Payment terms were 2/15, n/30. These goods cost the company $2,300
Feb 12. Paid amount owed on credit purchase of Feb 3, less the return and the discount
Feb 16. Granted a sales allowance of $500 on the Feb 10 sale
Feb 23. Received cash from Feb 10 customer in full settlement of their debt, less the allowance and the discount