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...

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