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On January 15, Concord Corporation sells merchandise on account to Martinez Associates for $7400 with terms 2/10, n/30. On January 20, Martinez returns merchandise worth $1200 to Concord. On January 24, payment is received from Martinez for the balance due. What is the amount of cash received

Respuesta :

Answer:

amount of cash received is $6076

Explanation:

given data

sells = $7400

terms = 2/10, n/30

to find out

amount of cash received

solution

date                          particulars                                         amount

January 15                 sale                                                  $7400

January 20                return                                               $1200

                                  net sale = sales - return                  $6200

January 24                payment is received 10th day

                                  2% discount given i.e 6200 × 2%    $124

January 24               amount of cash received                  $6076

                                  = $6200 - $124

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