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Calculate the company gross profit

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Question - Jumbo toy store had the following transactions during July of 2019:

On July 8, sold 19,000 worth of toys on account for $31 each. Terms Net 20. The toys cost $15/piece. Jumbo paid for freight out, terms FOB destination, $250.

On July 10, 1,000 of the toys were returned by the customer because of a mistake in the order. The customer does not request the correct items to be reshipped.

On July 25, the customer pays for the toys.

Required -

a. Prepare the journal entries for the transactions above.

b. Calculate the company's gross profit.

Reference no: EM132545758

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