
College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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
Transcribed Image Text:Company A sells merchandise to
company B for $5,700 with credit
terms of 2/10, n/30. Company B
returns $1,000 of merchandise that
was damaged along with a check
within the discounted period. What is
the amount of the check?
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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.arrow_forwardCompany U sells merchandise to company P for $7,300 with credit terms of 3/10, n/30. Company P returns $1,400 of merchandise that was damaged along with a check within the discounted period. What is the amount of the check? Need helparrow_forwardCompany U sells merchandise to company P for $7,300 with credit terms of 3/10, n/30. Company P returns $1,400 of merchandise that was damaged along with a check within the discounted period. What is the amount of the check? Questionarrow_forward
- Company U sells merchandise to company P for $7,300 with credit terms of 3/10, n/30. Company P returns $1,400 of merchandise that was damaged along with a check within the discounted period. What is the amount of the check? Correct Answerarrow_forwardWhat is the answer?arrow_forwardPharoah Company sells merchandise on account for $3500 to Riverbed Company with credit terms of 2/15, n/30. Riverbed Company returns $150 of merchandise that was damaged, along with a check to settle the account within the discount period. What is the amount of the check?arrow_forward
- company A sells $1,500 of merchandise on account to company B with credit terms of 2/10, n/30. If company B remits a check taking advantage of the discount offered, what is the amount of Company B's check?? -$1,470 -$1,050 -$1,200 -$1,350arrow_forwardBall Company sells merchandise on account for $1,500 to Edds Company with credit terms of 2/10, n/30. Edds Company returns $300 of merchandise that was damaged, along with a check to settle the account within the discount period. What is the amount of the check? Question 9 options: A) $1,470 B) $1,476 C) $1,176 D) $1,200arrow_forwardOriole Company sells merchandise on account for $7800 to Sunland Company with credit terms of 2/13, n/30. Sunland Company returns $1200 of merchandise that was damaged, along with a check to settle the account within the discount period. What is the amount of the check? $6468 $7668 $7644 $6600arrow_forward
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