Merchandise with a list price of $4,200 and costing $2,300 is sold on account, subject to the following terms: FOB destination, 2/10, n/30. The seller prepays the freight costs of $85 (debit Freight Out for the freight costs). Prior to payment for the goods, the seller issues a credit memo for $750 to the customer for merchandise costing $425 that is returned. The correct amount is received within the discount period. The company uses a perpetual inventory system.
Record the foregoing transactions of the seller in the sequence indicated below.
Definitions:
Morphologically Resemble
To share physical similarities in form and structure with another species or entity.
Common Ancestor
An ancestor that two or more descendants have in common, from which they have diverged through the process of evolution.
Synapsids
A lineage of tetrapods that emerged 300 million years ago and gave rise to mammals. Synapsids can be distinguished from other tetrapods by the presence of a pair of openings in the skull behind the eyes, known as the temporal fenestrae.
Million Years Ago
A term used in geology and anthropology to denote a period of time in the distant past, often in reference to the age of fossils or earth formations.
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