On April 1, Olympic Company made a sale of $500 on account with terms of 2/10, n/30
Question:
On April 1, Olympic Company made a sale of $500 on account with terms of 2/10, n/30 to Mendocino, Inc. Mendocino, Inc., returned $100 of product as defective on April 3. On April 9, Mendocino, Inc., paid the amount due, less the cash discount. What was the amount of payment made?
a. $392
b. $408
c. $592
d. $490
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b 408 Explanations The amount due is 500 The cash discount of ...View the full answer
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Related Book For
College Accounting A Contemporary Approach
ISBN: 9781260780352
5th Edition
Authors: David Haddock, John Price, Michael Farina
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