A company purchased $8,600 of merchandise on June 15 with terms of 3/10, n/45. On June...
A company purchased $8,600 of merchandise on June 15 with terms of 3/10, n/45. On June 20, it returned $430 of that merchandise. On June 24, it paid the balance owed for the merchandise taking any discount it was entitled to. The cash paid on June 24 equals:
Homework Answers
NET PURCHASE = TOTAL PURCHASE - RETURN
= $8,600 - $430
= $8,170
DISCOUNT ON NET PURCHASE = $8,170 * 3%
= $245
NET CASH PAID ON JUNE 24 = $8,170 - $245
= $7,925
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