Kersee Company on June 15 sells merchandise on account to Eng Co. for ($ 1,000), terms (2

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Kersee Company on June 15 sells merchandise on account to Eng Co. for \(\$ 1,000\), terms \(2 / 10, \mathrm{n} / 30\). 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?

(a) \(\$ 700\).

(c) \(\$ 686\).

(b) \(\$ 680\).

(d) None of the above.

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Financial Accounting Tools For Business Decision Making

ISBN: 9781119316022

8th Edition

Authors: Donald E. Kieso, Paul D. Kimmel, Jerry J. Weygandt

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