On July 2,2024, Skysong Company sold to Sue Black merchandise having a sales price of...
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Accounting
On July Skysong Company sold to Sue Black merchandise having a sales price of $cost $ with terms of n fob shipping point. Skysong estimates that merchandise with a sales value of $ will be returned. An invoice totaling $ terms n was received by Black on July from Pacific Delivery Service for the freight cost. Upon receipt of the goods, on July Black notified Skysong that $ of merchandise contained flaws. The same day, Skysong issued a credit memo covering the defective merchandise and returned it at Skysong's expense. Skysong estimates the returned items to have a fair value of $ The freight cost of $ on the returned merchandise was paid by Skysong on July On July the company received a check for the balance due from Black.Prepare journal entries for Skysong Company to record all the events noted above assuming sales and receivables are recorded at gross selling price.
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