Answer to Question #245153 in Economics for Bili

Question

cost of the merchandise sold was $25,000. 21. For the convenience of the customer, paid freight on sale of July 20, $1,100. 21. Received $17,600 cash from Owen Co. on account, no discount. 21. Purchased merchandise on account from Nye Co., terms 1/10, n/30, FOB destination, $20,000. 24. Returned $2,000 of damaged merchandise purchased on July 21, receiving credit from the seller. 26. Refunded cash on sales made for cash, $3,000. The cost of the merchandise returned was $1,800. 28. Paid sales salaries of $22,800 and office salaries of $15,200. 29. Purchased store supplies for cash, $2,400. 30. Sold merchandise on account to Whitetail Co., terms 2/10, n/30, FOB shipping point, $18,750. The cost of the merchandise sold was $11,250. 30. Received cash from sale of July 20, less discount, plus freight paid on July 21. 31. Paid for purchase of July 21, less return of July 24 and discount.

Answer 1

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