A retailer ordered 20 sets of dining table and received an invoice dated 25 March 2009 for RM15,000 including the transportation cost with cash discount terms of 7/15, n/30 and trade discount 8% and 4%. The transportation cost was RM1,584. i) Find the last date to receive the cash discount. ii) Calculate the net price for 20 sets of dining table. iii) Determine the total payment if the retailer pays the invoice on 8 April 2009

A retailer ordered 20 sets of dining table and received an invoice dated 25 March 2009 for RM15,000 including the transportation cost with cash discount terms of 7/15, n/30 and trade discount 8% and 4%. The transportation cost was RM1,584. i) Find the last date to receive the cash discount. ii) Calculate the net price for 20 sets of dining table. iii) Determine the total payment if the retailer pays the invoice on 8 April 2009

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 3PB: Review the following transactions, and prepare any necessary journal entries for Sewing Masters Inc....

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