On March 2, ABC sold $4,500 of merchandise on account, terms 2/10,n/30 toXYZ. The goods cost $3,100. XYZ returned $400 worth of goods on March 5. Thegoods cost $160. Select the option that best represents the return on March 5.

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Answered: On March 2, ABC sold $4,500 of…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 17Q: A seller sells $800 worth of goods on credit to a customer, with a cost to the seller of $300....

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On March 2, ABC sold $4,500 of merchandise on account, terms 2/10,n/30 to XYZ. The goods cost $3,100. XYZ returned $400 worth of goods on March 5. The goods cost $160. Select the option that best represents the return on March 5.