Explain why, when a customer returns merchandise after it was paid for, he/she may or may not receive credit equal to the invoice value of the merchandise returned.
27) Determine the amount to be paid within the discount period for a previous sale with an invoice price of $10,500, subject to credit terms of 1/10, n/30.
28) Determine the amount of cash collected on a credit sale with a price of $76,750 and credit terms of 1/10, n/30, assuming the payment was after the discount period had expired.
29) Explain how the recordkeeping differs between a cash sale and a credit sale.
The Coral Co. had the following transactions involving the sale of merchandise. You are to prepare the necessary general journal entries. All sales are subject to credit terms of 1/10, n/30.
30) July 16 Sold merchandise with an invoice price of $3,500 to Carter and Co
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