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King company uses the gross method and a perpetual

Question - King Company uses the gross method and a perpetual inventory system. Assuming the following entries, compute the amount that King Company received on June 19.

June8 Sold goods costing $3,600 to Morgan Company on account, $6,000, terms 2/10, n/30. The goods are shipped FOB Shipping Point, Freight Prepaid by Seller, $60.

June14 Morgan Company returned undamaged merchandise previously purchased on account, $700.

June19 Received the amount due from Morgan Company.

Amount due from Morgan Company on June 19:

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Accounting Basics: King company uses the gross method and a perpetual

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Accounting Basics: King company uses the gross method and a perpetual

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