Based on the following information, what would be recorded as purchases discount if the invoice is paid
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Question:
Based on the following information, what would be recorded as purchases discount if the invoice is paid within the discount period?
1. | $5,000 of merchandise inventory was ordered on April 2, 2016. |
2. | $2,000 of this merchandise was received on April 5, 2016. |
3. | On April 6, 2016, an invoice dated April 4, 2016, with terms of 2/10, net 30 for $2,150 which included a $150 prepaid freight cost, was received. |
4. | On April 10, 2016, $500 of the merchandise was returned to the seller. |
a.$30
b.$100
c.$43
d.$33
Related Book For
Accounting
ISBN: 978-0324188004
21st Edition
Authors: Carl s. warren, James m. reeve, Philip e. fess
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