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Merchandise subject to terms 2/10, n/30, FOB shipping point, is sold on account to a customer for $35,000. The seller issued a credit memorandum for

Merchandise subject to terms 2/10, n/30, FOB shipping point, is sold on account to a customer for $35,000. The seller issued a credit memorandum for $8,000 prior to payment. What is the amount of the cash discount allowable? a. $700 b. $350 c. $540 d. $860

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