   Chapter 6, Problem 6.12EX

Chapter
Section
Textbook Problem

Sales-related transactionsMerchandise is sold on account to a customer for $56,500, terms FOB shipping point, 2/10, n/30. The seller paid the freight of 52,100. Determine the following: (a) amount of the sale, (b) amount debited to Accounts Receivable, and (c) amount received within the discount period. (a) To determine Sales is an activity of selling the merchandise inventory of a business. To Calculate: The amount of net sales after the discount. Explanation Calculate the net sales after discount. Merchandise sold on account =$56,500

Discount percentage = 2% (2/10, n/30)

Amount of sales = SalesDiscounton sales=Sales(Sales×2%)

(b)

To determine

To Calculate: The amount of accounts receivables.

(c)

To determine

To Calculate: The amount received within the discount period.

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