Kersee Company on June 15 sells merchandise on account to Eng Co. for ($ 1,000), terms 2/10,

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Kersee Company on June 15 sells merchandise on account to Eng Co. for \(\$ 1,000\), terms 2/10, n/30. On June 20, Eng Co. returns merchandise worth \(\$ 300\) to Kersee Company. On June 24, payment is received from Eng Co. for the balance due. What is the amount of cash received?

a. \(\$ 700\).

c. \(\$ 686\).

b. \(\$ 680\).

d. None of the answer choices is correct.

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Financial Accounting Tools For Business Decision Making

ISBN: 9781119791089

10th Edition

Authors: Paul D. Kimmel,  Jerry J. Weygandt,  Jill E. Mitchell

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