Solved

Chocolate Corporation Sells Merchandise on Account for $3,000 to Marshmallow

Question 26

Multiple Choice

Chocolate Corporation sells merchandise on account for $3,000 to Marshmallow Corporation with credit terms of 2/10, n/30.Marshmallow returns $600 of merchandise that was damaged, along with a cheque to settle the account within the discount period.What is the amount of the cheque?


A) $2,952
B) $2,940
C) $2,400
D) $2,352

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q16: The largest current asset for a merchandiser

Q21: Gross profit equals the difference between net

Q23: Gross profit for a merchandising company equals

Q27: An advantage of the single-step income statement

Q28: Gross profit does not appear<br>A)on a merchandising

Q31: Sales Discounts is a contra revenue account

Q91: Evidence of cash sales is usually supported

Q93: Sales revenues are usually considered earned when<br>A)cash

Q135: When the terms of sale include a

Q157: A sales discount does not<br>A)provide the purchaser