1 answer

Metlock sells softball equipment. On November 14, they shipped $4900 worth of softball uniforms to Grouper...

Question:

Metlock sells softball equipment. On November 14, they shipped $4900 worth of softball uniforms to Grouper Middle School, ter

Metlock sells softball equipment. On November 14, they shipped $4900 worth of softball uniforms to Grouper Middle School, terms 5/10, n/30. On November 21, they received an order from Douglas High School for $2100 worth of custom printed bats to be produced in December. On November 30, Grouper Middle School returned $410 of defective merchandise. Metlock has received no payments from either school as of month end. What amount will be recognized as accounts receivable, net on the balance sheet as of November 30? $7310 $6900 $4900 $4490 Click if you would like to Show Work for this question: Open Show Work

Answers

(D) $ 4,490.

Explanation : On 14th November total credit sale amounted to $ 4,900.

On 30th November sales return amounted to $ 410.

So, on 30th November total account receivable balance stand = $ 4,900 - $ 410 = $ 4,490.

Note : They got one sales order of $ 2,100 on 21st November  that will be produced in December, so in November such amount will not been considered as credit sale thus , not been added in the balance of account receivable.( Because goods not been produced and despatch)

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