Business, 23.04.2020 23:06 vicsmi6191

Wood Company uses the gross method and a perpetual inventory system. Assuming the following entries, compute the amount that Wood Company received on March 14. March 3 Sold goods costing $3,000 to Brown Company on account, $5,000, terms 1/10, n/30. The goods are shipped FOB Shipping Point, Freight Prepaid by Seller, $280. March 9 Brown Company returned undamaged merchandise previously purchased on account, $300. March 14 Received the amount due from Brown Company.

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Wood Company uses the gross method and a perpetual inventory system. Assuming the following entries,...