Monica company sells goods on credit. On one sale, they sold it for $20,000 and offered a 2/10, net 30 payment option. Two days after sale, the customer complained and they allowed them a $1,000 sales allowance. The customer paid the net amount within 8 days after the sale. The cash proceeds received by the seller are _.

Monica company sells goods on credit. On one sale, they sold it for $20,000 and offered a 2/10, net 30 payment option. Two days after sale, the customer complained and they allowed them a $1,000 sales allowance. The customer paid the net amount within 8 days after the sale. The cash proceeds received by the seller are _.

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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Consider the following transaction: On March 6, Fun Cards sells 540 card decks with a sales price of $7 per deck to Padma Singh. The cost to Fun Cards is $4 per deck. Prepare a journal entry under each of the following conditions. Assume MoneyPlus charges a 2% fee for each sales transaction using its card. A. Payment is made using a credit, in-house account. B. Payment is made using a MoneyPlus credit card.
The cash proceeds received by the seller are?
Walter's widgets received a bill for merchandise with a net price of $7,170.26. Walter is offered a 2% cash discount if he pays within 10 days of the invoic date. he doesn't have enought to pay the full amount, so he makes a partial payment of $4,000 on day 9. Find the amount credited for the partial payment and find the outstanding balance. Amount credited: ________? Outstanding balance:________?
Please answer the question correctly. Thank you.
Walters widgets received a bill for merchandise with a net price of $7170.26 . Walter is offered a 2% cash discount if he pays within 10 days of the invoice date. He doesn't have enough to pay the full amount so he makes a partial payment of $4000 on day 9. Find the amount credited for the partial payment and the outstanding balance
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Backyard World buys plastic pools from a supplier with an invoice amount of $13,500. The terms of the sale are 5/10, n/30. If the retailer sends a partial payment of $8,300 on the discount date, what is the net amount still due?