Young Company uses the gross method and a perpetual inventory system . Assuming the following entries, compute the amount that Young Company received…

Young Company uses the gross method and a perpetual inventory system. Assuming the following entries, compute the amount that Young Company received on September 20.September9Sold goods costing $4,800 to Collins Company on account, $8,000, terms 2/10, n/30. The goods are shipped FOB Shipping Point, Freight Prepaid by Seller, $420.September15Collins Company returned undamaged merchandise previously purchased on account, $1,700.September20Received the amount due from Collins Company.

Amount due from Collins Company on September 20:$…..

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