What is the amount of the check for this accounting question? Company Lakeshore Electronics sellsmerchandise to TechWorld Solutions for$8,500 with credit terms of 3/15, n/45.Tech World Solutions returns $1,500 ofdamaged merchandise and sends a checkwithin the discount period. What is theamount of the check?

Step 1: Define Credit Terms and DiscountCredit terms, such as 3/15, n/45, mean the buyer can take a…

Answered: Company Lakeshore Electronics sells…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 4Q: American Signs allows customers to pay with their Jones credit card and cash. Jones charges American...

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If Abby INC sells items to a customer who uses a credit card for $1100 and there is a credit card fee of 1.5% Abby will record an : ______ Round your final answer to the nearest dollar A. DEBIT TO ACCOUNT RECIEABLE FOR $1083 B. Credit to sales revenue for $1083 C. debit to sales expense for $17 D. Debit to credit card discount expense for $17
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Company U sells merchandise to company P for $7,300 with credit terms of 3/10, n/30. Company P returns $1,400 of merchandise that was damaged along with a check within the discounted period. What is the amount of the check? Question
Company U sells merchandise to company P for $7,300 with credit terms of 3/10, n/30. Company P returns $1,400 of merchandise that was damaged along with a check within the discounted period. What is the amount of the check? Correct Answer
Merchandise subject to the credit terms 2/10, n/30, FOB shipping point, is sold to a customer on account for $20,125. The seller issued a credit memorandum for $4,600 prior to payment. What is the amount of the cash discount allowable if the payment is made within 10 days of the invoice date?
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Company Lakeshore Electronics sells merchandise to TechWorld Solutions for $8,500 with credit terms of 3/15, n/45. Tech World Solutions returns $1,500 of damaged merchandise and sends a check within the discount period. What is the amount of the check?