On April 15, Sanborn Company sold merchandise to Barr Company for $3,000 on terms of 2/10, n/30. Assume a return of merchandise on April 20 of $600 and collection in full on April 25. What is the amount collected by Sanborn on April 25?
purchases of Merchandise: perpetual Inventory system
sE6. Record each of the following transactions using T accounts, assuming the perpetual inventory system is used:
Aug. 2 Purchased merchandise on credit from Vera Company, invoice dated August 1, terms n/10, FOB shipping point, $1,150.
3 Received bill from Strauss Shipping Company for transportation costs on August 2 shipment, invoice dated August 1, terms n/30, $105.
7 Returned damaged merchandise received from Vera on August 2 for credit, $180.
10 Paid in full the amount due to Vera for the purchase of August 2, part of which was returned on August 7.