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Wright company uses the gross method and a perpetual

Question - Wright Company uses the gross method and a perpetual inventory system. Assuming the following entries, compute the amount that Wright Company received on July 12.

July2 Sold goods costing $4,800 to Brooks Company on account, $8,000, terms 1/10, n/30. The goods are shipped FOB Shipping Point, Freight Prepaid by Seller, $490.

July 8 Brooks Company returned undamaged merchandise previously purchased on account, $400.

July12 Received the amount due from Brooks Company.

Amount due from Brooks Company on July 12:

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

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

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