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kolbehoneyman
kolbehoneyman
18.12.2019 • 
Business

Njune 3, 2020, hunt company sold to ann mount merchandise having a sales price of $8,000 (cost $6,000) with terms of n/60, f.o.b. shipping point. hunt estimates that merchandise with a sales value of $800 will be returned. an invoice totaling $120 was received by mount on june 8 from olympic transport service for the freight cost. upon receipt of the goods, on june 8, mount returned to hunt $300 of merchandise containing flaws. hunt estimates the returned items are expected to be resold at a profit. the freight on the returned merchandise was $24, paid by hunt on june 8. on july 16, the company received a check for the balance due from mount. prepare journal entries for hunt company to record all the events in june and july.

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