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SashulF [63]
3 years ago
11

Waterway Company on July 15 sells merchandise on account to Carla Vista Co. for $4600, terms 3/10, n/30. On July 20 Carla Vista

Co. returns merchandise worth $1600 to Waterway Company. On July 24 payment is received from Carla Vista Co. for the balance due. What is the amount of cash received
Business
2 answers:
cupoosta [38]3 years ago
7 0

Answer:

$2,910

Explanation:

The journal entries recorded by Waterway are:

July 15, merchandise sold on account with terms 3/10, n/30

Dr Accounts receivable 4,600

    Cr Sales revenue 4,600

Dr Cost of goods sold XX

    Cr Merchandise inventory XX

July 20, partial return of merchandise

Dr Sales returns and allowances 1,600

    Cr Accounts receivable 1,600

Dr Merchandise inventory YY

    Cr Cost of goods sold YY

July 24, invoice is collected from Carla Vista

Dr Cash 2,910

Dr Sales discounts 90

     Cr Accounts receivable 3,000

Since Carla Vista paid the invoice within the discount term, it will receive a 3% discount over the remaining balance = $3,000 x 3% = $90

Marianna [84]3 years ago
4 0

Answer:

The amount of cash received is $2,910

Explanation:

Terms of 3/10, n/30 means there is a discount of 3% is available on payment of due amount within discount period of 10 days after sale with net credit period of 30 days.

As per given data

Sale = $4,600

Sales return = $1,600

Receivable = $4,600 - $1,600 = $3,000

As the payment is made within discount period, so discount will be availed on the amount due

Discount = $3,000 x 3% = $90

Payment by Customer = $3,000 - $90 = $2,910

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