Ask Question
1 April, 19:54

On January 15, Concord Corporation sells merchandise on account to Martinez Associates for $7400 with terms 2/10, n/30. On January 20, Martinez returns merchandise worth $1200 to Concord. On January 24, payment is received from Martinez for the balance due. What is the amount of cash received

0
Answers (1)
  1. 1 April, 21:53
    0
    amount of cash received is $6076

    Explanation:

    given data

    sells = $7400

    terms = 2/10, n/30

    to find out

    amount of cash received

    solution

    date particulars amount

    January 15 sale $7400

    January 20 return $1200

    net sale = sales - return $6200

    January 24 payment is received 10th day

    2% discount given i. e 6200 * 2% $124

    January 24 amount of cash received $6076

    = $6200 - $124
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “On January 15, Concord Corporation sells merchandise on account to Martinez Associates for $7400 with terms 2/10, n/30. On January 20, ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers