The cash proceeds received by the seller are? Question:A company sells goods on credit. On one sale, they sold it for$20,000 and offered a 2/10, net/30 payment option. Two daysafter the sale, the customer complained and they allowed them a$1,000 sales allowance. The customer paid the net amount within8 days after the sale.The cash proceeds received by the seller are?

Explanation of Credit Terms (2/10, net/30): Credit terms represent the payment conditions offered to…

Answered: Question: A company sells goods on…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 4MC: A car dealership sells a car to a customer for $35,000. The customer makes a 10% down payment, and...

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American Signs allows customers to pay with their Jones credit card and cash. Jones charges American Signs a 3.5% service fee for each credit sale using its card. Credit sales for the month of June total $328,430, where 40% of those sales were made using the Jones credit card. Based on this information, what will be the total in Credit Card Expense at the end of June?
A 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 a. $20,000 b. $19,000 c. $18,600 d. $18,620
Give true calculation
Provide correct calculation
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A company makes a credit sale of $1,000 on June 13 according to the payment terms 5/10, n/30. On June 16, there is a return of $100. The buyer makes the payment for the remaining amount by utilizing the discount. What should be the amount to be paid? O A) $855 B) $900 C) $950 D) $810 E) $600
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6. A business allows customers to pay with a credit card or with cash. If paid with cash, the customer receives a discount of 100r%, where 0
The credit terms offered to a customer by a Merchandise Business are 2/10, n/30, which means that a. The customer can deduct a 2% discount if the bill is paid within 30 days of the invoice date. The customer can deduct a 2% discount if the bill is paid between the 10th and 30th day from the invoice date. c. The customer must pay the bill within 10 days. d. The customer can deduct a 2% discount if the bill is paid within 10 days of the invoice date.
Company XYZ sold goods worth $5,000 on credit with a 2% discount if paid within 15 days. The customer paid the invoice after 20 days. What amount did the customer pay?
For questions 25-27, your answer will be add on bank side, subtract on bank side, 21. A company sells $23,980 of inventory to a customer on account. The terms are 2/10, n30. If the customer pays in 10 days, write the entry to record receipt of the payment.
Vanessa company purchases merchandise with a list price of P25,000. The company receives a 35% trade discount from the seller. The seller also offers credit terms of 2/10, n/30. Assuming no returns were made and that payment was made on time, what is the net cost of the merchandise?

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