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.
Definitions:
Government
The organization, or agency through which a political unit exercises authority and performs functions and which is usually classified according to the distribution of power within it.
External Benefit
A benefit that affects parties not directly involved in a transaction, leading to positive side effects or externalities.
Harmful Chemicals
Substances that are toxic or dangerous to health and the environment.
Equilibrium Quantity
The quantity of goods or services supplied equals the quantity demanded at the market price, achieving market balance.
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