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Monty Inc. offers credit customers the following repayment terms: 2/12, n/30. On June 1, 2021, Monty sold merchandise at a price of $41,000. The customer
Monty Inc. offers credit customers the following repayment terms: 2/12, n/30. On June 1, 2021, Monty sold merchandise at a price of $41,000. The customer paid 58% on June 9, 2021 (the payment was net of the cash discount) and the remaining balance was paid on July 1. Calculate the amount credited to interest revenue, when the payment is received on July 1, using the net method
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