a company purchased $8,900 of merchandise on june 15 with terms of 3/10, n/45. On june 20, it returned $445 of that merchandise. On june 24, it paid the balance owed for the merchandise taking any discount it was entitled to. The cash paid on June 24 equals: A: $8,201 B: $8,455 C: $8,900 D: $8,246 E: $8,633

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Topic Video
Question

Sh7

Please help me

Solution thankyou 

 

 

 

a company purchased $8,900 of
merchandise on june 15 with
terms of 3/10, n/45. On june 20, it
returned $445 of that
merchandise. On june 24, it paid
the balance owed for the
merchandise taking any discount
it was entitled to. The cash paid
on June 24 equals:
A: $8,201
B: $8,455
C: $8,900
D: $8,246
E: $8,633
Transcribed Image Text:a company purchased $8,900 of merchandise on june 15 with terms of 3/10, n/45. On june 20, it returned $445 of that merchandise. On june 24, it paid the balance owed for the merchandise taking any discount it was entitled to. The cash paid on June 24 equals: A: $8,201 B: $8,455 C: $8,900 D: $8,246 E: $8,633
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Accounting Equation
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education