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Mercer Company uses a perpetual inventory system. On October 1, Mercer Company sold inventory on account in the amount of $14,200 to Stetson Company, terms
Mercer Company uses a perpetual inventory system. On October 1, Mercer Company sold inventory on account in the amount of $14,200 to Stetson Company, terms 5/10, n/30. The items cost Mercer $6,207. On October 4, Stetson returns some of the inventory. This inventory returned had a selling price of $600 and a cost of $200. On October 8, Stetson Company paid Mercer Company the amount due on that date.
What is the amount of cash received by Mercer Company on October 8 for the receipt of payment from Stetson
What is the amount of cash received by Mercer Company on October 8 for the receipt of payment from Stetson
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