2 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)

Trade discount is the discount given on the list price / MRP by the seller to buyer. Trade discount…

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

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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Question

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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