Answer:
SNIPES BOOKS
June 8th
Accounts Receivables 18,250 debit
Sales revenue 18,250 credit
COGS 10,400 debit
cash 400 credit
merchandise inventory 10,000 credit
Sales returns 5,000 debit
Accounts Receivables 5,000 credit
Merchandise Inventory 3,000 debit
COGS 3,000 credit
Cash 12,985 debit
Sales Discount 265 debit
Account Receivables 13,250 credit
Step-by-step explanation:
Snipes will pay the freight as the term are FOB destination, which means the goods are still theirs until they arrive. Therefore it must take all thecost of transportation.
Balance of Beejoy account regarding Snipes company
Purchase - returned goods = balance at payment
18,250 - 5,000 = 13,250
13,250 x 2% = 265
net amount due: 12,985