On March 6, 2013, Cobbs Imports purchased merchandise from Games Inc. with a list price of $19,000,

Question:

On March 6, 2013, Cobb€™s Imports purchased merchandise from Games Inc. with a list price of $19,000, terms 2y10, ny45. On March 10, Cobb€™s returned merchandise to Games Inc. for credit.
The list price of the returned merchandise was $8,500. Cobb€™s paid cash to settle the on March 15, 2013.

Required
a. What is the amount of the check that Cobb€™s must write to Games Inc. on March 15?
b. Record the events in a horizontal statements model like the following one.

c. How much would Cobb€™s pay for the merchandise purchased if the payment is not made until March 20, 2013?
d. Record the payment of the merchandise in Requirement c in a horizontal statements model like the one shown above.
e. Why would Games Inc. sell merchandise with the terms 2y10,ny45?

Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive...