Lambert Corporation sells merchandise at a list price of $70,000 with accompanying terms o
Lambert Corporation sells merchandise at a list price of $70,000 with accompanying terms of 2/10, n/30 on December 8, 2016. By December 18, 2016, Lambert had collected from customers for merchandise originally billed at $46,000. By December 31, 2016, additional collections had been received on sales originally billed for $18,000, and sales returns and allowances of $1,500 had been granted by Lambert. By January 15, 2017, all the remaining balances due had been collected.