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cjg73
Jun 28, 2009, 08:45 PM
On May 6 merchandise is sold to Parish Co., terms 2/10 n/30 FOB shipping point, $8,500. The Cost of the merchandise sold was 5,000

and then on may 14 received merchandise returned on sale of may 6, $1500. the cost of the merchandise returned was $900.

Received cash from sale of May 6 less return of May 14, and discount.

I just need to know the formula for this, calculating the difference of the return, and how do i put this into the journal entry?