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maks197457 [2]
3 years ago
11

A company purchased $10,000 of merchandise on June 15 with terms of 3/10, n/45. On June 20, it returned $800 of that merchandise

. On June 24, it paid the balance owed for the merchandise taking any discount it was entitled to. The cash paid on June 24 equals:
Business
1 answer:
DedPeter [7]3 years ago
4 0

Answer:

$8,924

Explanation:

the journal entries should be:

June 15, merchandise purchased on account, terms 3/10, n/45

Dr Merchandise inventory 10,000

    Cr Accounts payable 10,000

June 20, defective merchandise returned

Dr Accounts payable 800

    Cr Merchandise inventory 800

June 24, invoice is paid within discount term

Dr Accounts payable 9,200

    Cr Cash 8,924

    Cr Purchase discount 276

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Explanation: According to the question, the company is having a total of $2 billion in fixed assets. The fixed assets are currently operating at 90% (0.9) of its total capacity. At his level, the company is able to achieve a sales figure of $7 billion. The implication is as follows;

Fixed assets (at 100%) = 2 billion

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