Norfolk Sporting Goods purchases merchandise with a catalog list price of $14,528. The retailer receives a 23% trade discount and credit terms 2/10, n/30. What amount should Norfolk debit to the Inventory account? Round your answer to the nearest whole dollar. of O a $14,528 O b. $17,646 O c. $10,963 O d. $11,187

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter6: Merchandising Transactions
Section: Chapter Questions
Problem 10MC: A retailer pays on credit for $650 worth of inventory, terms 3/10, n/40. If the merchandiser pays...
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Norfolk Sporting Goods purchases merchandise with a catalog list price of $14,528. The retailer receives a 23% trade discount and credit terms of 2/10, n/30. What amount should Norfolk debit to the Inventory account? **Round your answer to the nearest whole dollar.**

- a. $14,528
- b. $17,646
- c. $10,963
- d. $11,187 (selected)
Transcribed Image Text:Norfolk Sporting Goods purchases merchandise with a catalog list price of $14,528. The retailer receives a 23% trade discount and credit terms of 2/10, n/30. What amount should Norfolk debit to the Inventory account? **Round your answer to the nearest whole dollar.** - a. $14,528 - b. $17,646 - c. $10,963 - d. $11,187 (selected)
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