A company purchased $3,500 of merchandise on July 5 with terms 1/10, n/30. On July 7, it returned $385 worth of merchandise. On July 8, it paid the full amount due. The amount of the cash paid on July 8 equals:

A company purchased $3,500 of merchandise on July 5 with terms 1/10, n/30. On July 7, it returned $385 worth of merchandise. On July 8, it paid the full amount due. The amount of the cash paid on July 8 equals:

Name: A company purchased $3,500 of merchandise on July 5 with terms 1/10, n
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Description: A company purchased $3,500 of merchandise on July 5 with terms 1/10, n/30. On July 7, it returned $385 worth of merchandise. On July 8, it paid the full amount due. The amount of the cash paid on July 8 equals:

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter10: Accounting For Sales And Cash Receipts

Section: Chapter Questions

Problem 2CE: Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is...

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Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is sold on account for 300 plus 3% sales tax, with 2/10, n/30 cash discount terms. (b) Part of the merchandise sold in transaction (a) for 70 plus sales tax is returned for credit. (c) The balance on account for the merchandise sold in transaction (a) is paid in cash within the discount period.
A company purchased $1,800 of merchandise on July 5 with terms 2/10, n/30. On July 7, it returned $200 worth of merchandise. On July 28, it paid the full amount due. The amount of the cash paid on July 28 equals: $200. $1,564. $1,568. $1,600. $1,800.
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