On November 1,2012,Everett Janitorial Supply Sold Merchandise for $5,000,FOB Destination,2/10,n/30 $$\begin{array} { | l | r | r | } \hline \quad\quad\quad&\quad&\quad \\\hline \\\hline \\\hline\end{array}$$

question 107

Essay

On November 1,2012,Everett Janitorial Supply sold merchandise for $5,000,FOB destination,2/10,n/30.The merchandise cost $3,200.
-Everett paid transportation costs of $100.On November 6,2012,merchandise of $1,000 from the November 1 sale was returned.The returned merchandise had cost $600.Everett received payment for the balance of the sale on November 10,2012.Please provide the journal entry to record the receipt of payment from the customer.
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Definitions:

Price-Taking Farmer

An individual farmer who does not have the ability to set the prices for their goods but instead accepts the market price.

Corn Output

The total quantity of corn produced within a given period, often measured in bushels or tons.

Profits

The financial gain obtained when the amount earned from a business activity exceeds the expenses, costs, and taxes.

Price-Taking Farmer

A farmer who has no control over the market price and must accept the prevailing market prices for their products.