Question
A local conveniene store purchases merchandise with a catalog list price of $30,000. The store receives a 30% trade discount and credit terms of 1/10,
A local conveniene store purchases merchandise with a catalog list price of $30,000. The store receives a 30% trade discount and credit terms of 1/10, n/30. What amount should be debited to the merchandise inventory account, if the convenience store paid on the last day of the discount period?
a. $21,000 b. $20,580 c. $20,790 d. $30,000
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Fundamentals of Financial Accounting
Authors: Fred Phillips, Robert Libby, Patricia Libby
4th edition
978-0073369709, 73369705, 78025370, 978-0077444846, 77444841, 978-0078025372
