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victus00 [196]
3 years ago
9

On January 15, Walton Company sold merchandise on account for $3,000 with terms 3/10, n/30. On January 20, the customer returns

merchandise with an invoice price of $600. On January 25, the customer pays the balance due. What is the amount of cash received by Walton Company?
Business
1 answer:
Margaret [11]3 years ago
7 0

Answer:

The amount received in cash is $2,328

Explanation:

The amount which is received in cash is computed as:

On January 20, the amount of $600 goods returns from customer, so the remaining balance is

= $3,000 - $600

= $2,400

On the remaining balance, the discount which is evaluated as the payment is received within the discount period which is January 25. So,

= $2,400 x  (100% - 3%)

= $ 2,400 x  97%

= $ 2,328

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If the company also has $1,000 of petty cash on hand (recorded in a separate account), what total amount should the company repo
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2 years ago
Match each of the definitions that follow with the appropriate investment term.
Ilia_Sergeevich [38]

Answer:

F - QUESTION 1

B    - 2

E    -  3

I      - 4

A     - 5

H     - 6

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Address You, a fancy dress manufacturer, sold a dress for $8,000 on credit. The cost of producing this dress was $1,000. First,
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Answer:

It will affect the accounting equation in $7.000.

Explanation:

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