General Accounting Sky hill Inc. sold merchandise for $15,000 with credit terms 2/10, n/30.A $500 allowance was given after 3 days. The customer paid on day 9.What amount was collected?

Step 1: Definition of Credit TermsCredit terms refer to the conditions under which a seller allows a…

Answered: Sky hill Inc. sold merchandise for…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 4Q: American Signs allows customers to pay with their Jones credit card and cash. Jones charges American...

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en June 12, Music, Incorporated sells $4,000 of goods on account to a credit customer with credit terms of 1/10, n/30. If the custome ays on June 20, select the correct entry to record the receipt of the customer's payment: Multiple Choice Account Name Debit Credit Cash 4,000 Accounts Receivable 4,000 Account Name Debit Credit Cash 3,960 Sales Discounts 40 Accounts Receivable 4,000 Account Namė Debit Credit Accounts Receivable 3,960 Sales Discounts 40 Cash 4,000 ***. MAY 7
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Sky hill Inc. sold merchandise for $15,000 with credit terms 2/10, n/30. A $500 allowance was given after 3 days. The customer paid on day 9. What amount was collected?