Crane Supply Company sells merchandise on account for $6100 to Swifty Exploration Company with credit terms of 2/13, n/30. Swifty Exploration returns $1200 of merchandise that was damaged, along with a check to settle the account within the discount period. What is the amount of the check? O $4900 O $5978 O $6002 O $4802

Crane Supply Company sells merchandise on account for $6100 to Swifty Exploration Company with credit terms of 2/13, n/30. Swifty Exploration returns $1200 of merchandise that was damaged, along with a check to settle the account within the discount period. What is the amount of the check? O $4900 O $5978 O $6002 O $4802

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Description: Current Attempt in ProgressCrane Supply Company sells merchandise on account for $6100 to Swifty Exploration Company with credit terms of 2/13, n/30. SwiftyExploration returns $1200 of merchandise that was damaged, along with a check to settle the a

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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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Crane Supply Company sells merchandise on account for $6100 to Swifty Exploration Company with credit terms of 2/13, n/30. Swifty
Exploration returns $1200 of merchandise that was damaged, along with a check to settle the account within the discount period.
What is the amount of the check?
O $4900
O $5978
O $6002
O $4802
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