The following transactions occurred to ABC Inc. in June: June 4 Kent Corporation purchased $4,000 worth of
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The following transactions occurred to ABC Inc. in June: June 4 Kent Corporation purchased $4,000 worth of merchandise, terms 2/10, n/30 from ABC Inc. The cost of the merchandise to ABC Inc. was $2,600. June 10 Kent returned $700 worth of goods to ABC Inc. for full credit. The cost of the merchandise to ABC Inc. was $450 and the inventory was replaced on the shelf. June 12 Kent paid ABC Inc. the outstanding balance. Analyze the above transactions and provide the amount that Kent would pay ABC Inc. on June 12th.
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College Accounting A Practical Approach
ISBN: 978-0132564441
11th Canadian Edition
Authors: Jeffrey Slater, Brian Zwicker
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