Determine the amount of cash collected on a credit sale in the amount of $4,300, subject...
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Determine the amount of cash collected on a credit sale in the amount of $4,300, subject to 13% HST when $500 worth of merchandise has already been returned for credit, and the invoice was paid within the discount period which allowed a 3% discount. Morris Jewellery Store sold R. Alexander a diamond engagement ring for $2,000 plus 5% PST and 5% GST. The ring cost Morris Jewellery Store $925. Terms of the sale are n/30. Date of the sale was April 12, date of the payment was May 12. On April 15, R. Alexander received an allowance for a flaw in the ring, $500. Required: Determine the amount R. Alexander should pay Morris Jewellery Store, May 12. Show your computations. Joe's Garage performed repairs to a customer's car. The repairs came to $1,600 plus 13% HST and the parts and labour cost Joe's Garage $800. If terms are 2/10, n/30, how much must the customer pay if paying in 9 days? (Show your computations.) Determine the amount of cash collected on a credit sale in the amount of $4,300, subject to 13% HST when $500 worth of merchandise has already been returned for credit, and the invoice was paid within the discount period which allowed a 3% discount. Morris Jewellery Store sold R. Alexander a diamond engagement ring for $2,000 plus 5% PST and 5% GST. The ring cost Morris Jewellery Store $925. Terms of the sale are n/30. Date of the sale was April 12, date of the payment was May 12. On April 15, R. Alexander received an allowance for a flaw in the ring, $500. Required: Determine the amount R. Alexander should pay Morris Jewellery Store, May 12. Show your computations. Joe's Garage performed repairs to a customer's car. The repairs came to $1,600 plus 13% HST and the parts and labour cost Joe's Garage $800. If terms are 2/10, n/30, how much must the customer pay if paying in 9 days? (Show your computations.)
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College Accounting A Practical Approach
ISBN: 978-0132564441
11th Canadian Edition
Authors: Jeffrey Slater, Brian Zwicker
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