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olga55 [171]
3 years ago
10

arter Company sells merchandise on account for $4,000 to Hannah Company with credit terms of 2/10, n/30. Hannah Company returns

$600 of merchandise that was damaged, along with a check to settle the account within the discount period. What entry does Carter Company make upon receipt of the check?
Business
1 answer:
timama [110]3 years ago
6 0

Answer:

The answers are:

  • Cr Accounts receivable $4,000
  • Dr $3,332 Cash
  • Dr $68 Sales discount
  • Dr $600 returned merchandise (damaged)

Explanation:

The credit terms of 2/10, n/30 means that if Hannah Company pays within ten days, they will get a 2% discount, or they have thirty days to pay the full receipt.

Hannah's check should be for:

($4,000 - $600) x 0.98% = $3,400 x 0.98% = $3,332  

Arter Company should record the following entries:

Cr Accounts receivable $4,000

Dr $3,332 Cash

Dr $68 Sales discount

Dr $600 returned merchandise (damaged)

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