a retailer returned 2218 defective items to the manufacturer and received a credit for the retail price of 0.76$ per item less a discount of 5/7 of retail price what was thr amount of the credit received by the retaile

a retailer returned 2218 defective items to the manufacturer and received a credit for the retail price of 0.76$ per item less a discount of 5/7 of retail price what was thr amount of the credit received by the retaile

Name: “a retailer returned 2218 defective items to the manufacturer and rece
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Description: “a retailer returned 2218 defective items to the manufacturer and received a credit for the retail price of 0.76$ per item less a discount of 5/7 of retail price what was thr amount of the credit received by the retailer

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Subject:- accounting
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Vanessa company purchases merchandise with a list price of P25,000. The company receives a 35% trade discount from the seller. The seller also offers credit terms of 2/10, n/30. Assuming no returns were made and that payment was made on time, what is the net cost of the merchandise?
Opulent Outfits procures inventory for $15,800 with terms 4/20, n/60. After the purchase, the company returns $4,000 worth of the inventory to the supplier and receives an allowance for defective items totaling $180. The entire amount due is settled within the discount period. What is the amount of the discount that will be taken? $380 $297 $304.40 $237
1. Merchandise with a list price of $7,425 is purchased on account, terms FOB shipping point, n/30. The seller prepaid transportation costs of $300. Prior to payment, $1,000 of the merchandise is returned. The correct amount is paid within the discount period.(net method) Record the foregoing transactions of the buyer in the sequence indicated below. a) Purchased the merchandise b) Recorded receipt of the credit memorandum for merchandise returned. c) Paid the amount owed.
A. Sold merchandise on account, $11,500 with terms 2/10, net 30. The cost of the merchandise sold was $7,800. B. Received payment less the discount.
am. 103.
Rahul
Only 1B question. Thanks!
Bramble Corporation sells merchandise on account for $4800 to Kingbird Corporation with credit terms of 2/10, n/30. Kingbird returns $800 of merchandise that was damaged, along with a cheque to settle the account within the discount period. What is the amount of the cheque? $4704 $4000 $3920 $4800
consider the following transaction: Issued credit memorandum to Dial Corp. for defective merchandise –$315, including 5% GST. Inventory was not returned. Which of the following is true? Sales Returns and Allowances will increase by $300 Sales Returns and Allowances will decrease by $300 Sales Returns and Allowances will increase by $315 Sales Returns and Allowances will decrease by $315
A retailer returned 1,965 defective items to the manufacturer and received a credit for the retail price of $0.86 or 86e per item less 2 8 of the retail price. What was the amount of the credit received by the retailer? a discount of 11 The credit received by the retailer is $ (Round to the nearest cent as needed.) al