Fowler Company on July 15 sells merchandise on account to Coffey Co. for $1,000, terms 2/10, n/30. On July 20 Coffey Co. returns merchandise worth $400 to Fowler Company. On July 24 payment is received from Coffey Co. for the balance due. What is the amount of cash received?

Question 20 options:

1)

$600

2)

$588

3)

$580

4)

$1,000