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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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Insurance expense      ($350)

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Dr Retained earnings 600

    Cr Dividends payable 600

Dr Dividends payable 600

    Cr Cash 600

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