On June 24, 2006, Doxey Company sold merchandise to Nathan Ray for $40,000 with terms 2/10, n/30. On June 30, Ray paid $12,000 on his account and returned $8,000 of merchandise, claiming that it did not meet contract terms.
E 7-6 wk 5 Doxey Company
Chapter 7: Exercise 7-6
Recording Sales Transactions
On June 24, 2006, Doxey Company sold merchandise to Nathan Ray for $40,000 with terms 2/10, n/30. On June 30, Ray paid $12,000 on his account and returned $8,000 of merchandise, claiming that it did not meet contract terms.
Record the necessary journal entries for Doxey Company on June 24, June 30, and July 20.
