A credit sale of $5700 is made on April 25, terms 2/11, net/30, on which a return of $200 is granted on April 28. What a...
A credit sale of $5700 is made on April 25, terms 2/11, net/30, on which a return of $200 is granted on April 28. What amount is received as payment in full on May 4?
Homework Answers
Amount received as payment in full on May 4th is $5,390.
Supporting calculations:
| Credit Sales | $5,700 |
| Less: Sales Returns | ($200) |
| Amount receivable | $5,500 |
| Less: Discount allowed ($5,500*2/100) | ($110) |
| Amount received as payment in full on May 4 | $5,390 |
Therefore, amount received as payment in full on May 4th is $5,390.
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