Silver Inc. sold merchandise to Copper LLC on account, $18,000, terms 3/10, net 30. The cost of the merchandise sold is $12,600. Silver Inc. issued a credit memorandum for $3,000 for merchandise returned that originally cost $2,100. Copper LLC paid the invoice within the discount period. What is the amount of net sales from the transactions?

Silver Inc. sold merchandise to Copper LLC on account, $18,000, terms 3/10, net 30. The cost of the merchandise sold is $12,600. Silver Inc. issued a credit memorandum for $3,000 for merchandise returned that originally cost $2,100. Copper LLC paid the invoice within the discount period. What is the amount of net sales from the transactions?

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter10: Accounting For Sales And Cash Receipts

Section: Chapter Questions

Problem 2CE: Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is...

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Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is sold on account for 300 plus 3% sales tax, with 2/10, n/30 cash discount terms. (b) Part of the merchandise sold in transaction (a) for 70 plus sales tax is returned for credit. (c) The balance on account for the merchandise sold in transaction (a) is paid in cash within the discount period.
If a customer purchased merchandise in the amount of $340, terms 3/10, n/30, returned $70 of the inventory for a full refund, and received an allowance for $65, how much discount would be applied if the customer remitted payment within the discount window?
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