Gray company uses the gross method and a perpetual inventory system. Assuming the following… 1 answer below »

Gray company uses the gross method and a perpetual inventory system. Assuming the following… 1 answer below »

Gray company uses the gross method and a perpetual inventory system. Assuming the following entries,compute the amount that gray company received on March 12, March 2 sold good costing$7,800 to Baker company on account $13,000, terms 4/10,n/30.The goods are shipped FOB Shipping Point, freight prepaid by seller,$240. March 8 Baker company returned undamaged merchandise previously purchased on account,$1,900. March 12 received the amount due from Baker company.

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