How much gross profit did prentice hall earn on sale

Reference no: EM13201104

Suppose the Prentice Hall the Publisher, sells 1000 books on credit for $16.50 each, including GST at 10% (the cost of these books is $8000, excluding GST.) One hundred of these books (cost, excluding S, $800) were damaged in shipment, so Prentice Hall later received the damaged goods as sales returns. The customer then paid the balance within the discount period. Credit terms were 2/15 net 30.

a. Journalise Prentice Hall's

Sales

Sales return

Cash collection transactions

b. How much gross profit did Prentice Hall earn on this sale?

Reference no: EM13201104

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