Question
Etcetera Clothing sold merchandise inventory on account at a price of $10,000 with payment terms of 2/10, n/30. The merchandise cost Etcetera Clothing $5,000. If
Etcetera Clothing sold merchandise inventory on account at a price of $10,000 with payment terms of 2/10, n/30. The merchandise cost Etcetera Clothing $5,000. If the customer paid for the merchandise 5 days after receiving the invoice, how much cash was collected by Etcetera Clothing?
- $5,000
- $9,800
- $4,900
- $10,000
Do not copy from Chegg and give complete answer with explanation
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Forensic And Investigative Accounting
Authors: D. Larry Crumbley, Lester E. Heitger, Stevenson Smith
5th Edition
0808026879, 9780808026877
