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QUESTION
Simmons Company uses the gross method and a perpetual inventory system . Assuming the following entries, compute the amount that Simmons Company...
Simmons Company uses the gross method and a perpetual inventory system. Assuming the following entries, compute the amount that Simmons Company received on March 16.
March6 Sold goods costing $3,000 to White Company on account, $5,000, terms 3/10, n/30. The goods are shipped FOB Shipping Point, Freight Prepaid by Seller, $380. March12 White Company returned undamaged merchandise previously purchased on account, $600.
March16 Received the amount due from White Company.
Amount due from White Company on March 16: ?$
