Business, 15.02.2021 22:10 megamorph

On June 3, 2020, Novak Company sold to Ann Mount merchandise having a sales price of $7,300 (cost $5,840) with terms of n/60, f. o.b. shipping point. Novak estimates that merchandise with a sales value of $730 will be returned. An invoice totaling $140 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 Novak $200 of merchandise containing flaws. Novak estimates the returned items are expected to be resold at a profit. The freight on the returned merchandise was $24, paid by Novak on June 8. On July 16, the company received a check for the balance due from Mount. Prepare journal entries for Novak Company to record all the events in June and July.

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On June 3, 2020, Novak Company sold to Ann Mount merchandise having a sales price of $7,300 (cost $5...

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