Question

Question 9 (1 point) The ASU Company purchased $10,000 of merchandise on September 1, term 2/10,n/30. On September 5, ASU returns $1,000 worth of merchandise. On September 10, ASU, paid the balance in full. What is the amount of the payment? $9,800. $8,820 $9,000. $10,000. Question 10 (1 point) The Golden Company sold merchandise to Rams Company on account (n/30) for $100,000. The cost of merchandise sold was $60,000. Golden Company issued a credit memo for $12,000 for merchandise return. The cost of the merchandise return was $7,200. What amount did the Golden Company received from Rams Company? $100,000. $88,000. $80,200. None of the above.

Answer 1

Answers

· #9

Correct Answer = Option #2: $ 8820

A	Gross Purchases	$10,000
B	Purchase returned	$1,000
C = A - B	Net purchases	$9,000
	Payment made	within discount term of 10 days
D = C x 2%	Amount of Purchase discount	$180
E = C-D	Amount of Payment	$8,820	Answer

· #10
Correct Answer = Option #2: $ 88000

A	Gross Sales	$100,000
B	Sales returns	$12,000
C = A - B	Amount received	$88,000	Answer