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A company purchased $2.600 of merchandise on My 5 with terms on returned $285 worth of merchandise on podrem ote the amount o
A company purchased $2.000 of merchandise on July 5 with terms 20./30. Only it returned $300 worth of merchandise. On Ju 12.
A buyer of $7700 in merchandise inventory failed to take advantage of the w discount of orstream of 375,6/45, and instead pai
Garza Company had sales of $142,200, sales discounts of $2,150, and sales returns of $3,415. Garza Companys net sales equals
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Answer #1

1.

Cash paid = ($2,600 - $285) - 1%

= $2,292

3rd option

2.

Accounts payable = $2,000 - $300 = $1,700

Discount = $1,700 X 2% = $34

Cash paid = $1,700 - $34 = $1,666

Debit accounts payable $1,700, credit merchandise inventory $34, credit cash $1,666

3rd option

3.

Discount = $7,700 X 3% = $231

4th option

4.

Net sales = $142,200 - $2,150 - $3,415 = $136,635

2nd option

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