Etcetera Clothing sold merchandise inventory on account at a price of $15,000 with payment terms of 2/10, n/30. The merchandise cost of Etcetera Clothing is $10,000. If the customer paid for the merchandise 5 days after receiving the invoice, how much cash was collected by Etcetera Clothing? a. $10,000 b. $14,700 c. $9,800 d. $15,000
Etcetera Clothing sold merchandise inventory on account at a price of $15,000 with payment terms of 2/10, n/30. The merchandise cost of Etcetera Clothing is $10,000. If the customer paid for the merchandise 5 days after receiving the invoice, how much cash was collected by Etcetera Clothing? a. $10,000 b. $14,700 c. $9,800 d. $15,000
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...
Related questions
Question
i want to answer of this Question of Accounting Subject please solve it fast as posible

Transcribed Image Text:Etcetera Clothing sold merchandise inventory on account at a price of
$15,000 with payment terms of 2/10, n/30. The merchandise cost of
Etcetera Clothing is $10,000. If the customer paid for the merchandise 5
days after receiving the invoice, how much cash was collected by Etcetera
Clothing?
a. $10,000
b. $14,700
c. $9,800
d. $15,000
Expert Solution

This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps

Recommended textbooks for you

College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College

College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College