Norfolk Sporting Goods purchases merchandise with a catalog list price of $12,000. The retailer receives a 44% trade discount and credit terms of 2/10, n/30. What amount should Norfolk debit to the merchandise inventory account (Round your answer to the nearest dollar)? Oa. $6,720 Ob. $12,000 Oc. $6,586 Od. $134

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Norfolk Sporting Goods purchases merchandise with a catalog list price of $12,000. The retailer receives a 44% trade discount and credit terms of 2/10, n/30. What amount should
Norfolk debit to the merchandise inventory account (Round your answer to the nearest dollar)?
O a. S6,720
Ob. S12,000
O c. S6,586
Od. $134
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Transcribed Image Text:Fainprogress=talse Upc Norfolk Sporting Goods purchases merchandise with a catalog list price of $12,000. The retailer receives a 44% trade discount and credit terms of 2/10, n/30. What amount should Norfolk debit to the merchandise inventory account (Round your answer to the nearest dollar)? O a. S6,720 Ob. S12,000 O c. S6,586 Od. $134 Next (Previous Submit Test for Grading Email Instructor 11:18 P All work saved. 10/24/2 64°F A EI 4) 99+ S
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