Correct! The amount received on June 24 is $686. Because payment is made within the discount period of 10 days, the amount received is $700 ($1,000 – return of $300) minus the discount of $14 ($700 × 2%), for a cash amount of $686.  	  On June 15, Kersee Company sold merchandise on account to Eng Co. for $1,000, terms 2/10, n/30. On June 20, Eng Co. returns merchandise worth $300 to Kersee Company. On June 24, payment is received from Eng Co. for the balance due. What is the amount of cash rec | eBooks | Education

Correct! The amount received on June 24 is $686. Because payment is made within the discount period of 10 days, the amount received is $700 ($1,000 – return of $300) minus the discount of $14 ($700 × ...

Correct! The amount received on June 24 is $686. Because payment is made within the discount period of 10 days, the amount received is $700 ($1,000 – return of $300) minus the discount of $14 ($700 × ... PLDZ-5975 Free
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Correct! The amount received on June 24 is $686. Because payment is made within the discount period of 10 days, the amount received is $700 ($1,000 – return of $300) minus the discount of $14 ($700 × 2%), for a cash amount of $686.

 

 

On June 15, Kersee Company sold merchandise on account to Eng Co. for $1,000, terms 2/10, n/30. On June 20, Eng Co. returns merchandise worth $300 to Kersee Company. On June 24, payment is received from Eng Co. for the balance due. What is the amount of cash received on June 24?

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$700.

 

$680.

 

$686.

 

None of the answer choices are correct.

 

 

 

 

 

 

 

 

 

Correct! The amount received on June 24 is $686. Because payment is made within the discount period of 10 days, the amount received is $700 ($1,000 – return of $300) minus the discount of $14 ($700 × 2%), for a cash amount of $686.
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