A sales invoice included the following information: merchandise price, $11,800; terms 1/10, n/eom; FOB shipping point with prepaid freight of $560 added to the invoice. Assuming that a credit for merchandise returned of $2,400 is granted prior to payment and that the invoice is paid within the discount period, what is the amount of cash that should be received by the seller? O $11,800 O $12,236 O $2,400 O $9,866

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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A sales invoice included the following information: merchandise price, $11,800; terms 1/10, n/eom; FOB shipping point with prepaid freight of $560 added
to the invoice. Assuming that a credit for merchandise returned of $2,400 is granted prior to payment and that the invoice is paid within the discount
period, what is the amount of cash that should be received by the seller?
O $11,800
O $12,236
O S2400
O $9,866
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6:28 PM
3/22/20
38)
II
Transcribed Image Text:A sales invoice included the following information: merchandise price, $11,800; terms 1/10, n/eom; FOB shipping point with prepaid freight of $560 added to the invoice. Assuming that a credit for merchandise returned of $2,400 is granted prior to payment and that the invoice is paid within the discount period, what is the amount of cash that should be received by the seller? O $11,800 O $12,236 O S2400 O $9,866 Previous Next 6:28 PM 3/22/20 38) II
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