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Torres Company uses the gross method and a perpetual inventory system. Assuming the following entries, compute the amount that Torres Company received on March 18.
March 8 Sold goods costing $8,400 to Howard Company on account, $14,000, terms 4/10, n/30. The goods are shipped FOB Shipping Point, Freight Prepaid by Seller, $490.
March 14 Howard Company returned undamaged merchandise previously purchased on account, $2,800.
March 18 Received the amount due from Howard Company.

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jepessoa

Answer:

$10,752

Explanation:

March 8

Dr Accounts receivable 14,000

    Cr Sales revenue 14,000

March 8

Dr Cost of goods sold 8,400

    Cr Inventory 8,400

March 14

Dr Sales revenue 2,800

    Cr Accounts receivable 2,800

March 14

Dr Inventory 1,680

    Cr Cost of goods sold 1,680

March 18

Dr Cash 10,752

Dr Sales discounts 448

    Cr Accounts receivable 11,200

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