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24 April, 05:32

A credit sale of $750 is made on June 13, terms 2/10, net/30. A return of $50 is granted on June 16. The amount received as payment in full on June 23 is: a) $650 b) $700 c) $685 d) $686.

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  1. 24 April, 08:52
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    D. $686

    Explanation:

    Given that

    Credit sale = 750

    Return = 50

    Terms 2/10

    Amount received in full therefore,

    = [ (750 - 50) - (750 - 50 {2%}) ]

    = 700 - (700 * 0.02)

    = 700 - 14

    = $686
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