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On June 1, 2017, Georgia Corp. sold merchandise with a list price of $70,000 to Alabama Corp. on account. Georgia Corp. allowed trade discounts of
On June 1, 2017, Georgia Corp. sold merchandise with a list price of $70,000 to Alabama Corp. on account. Georgia Corp. allowed trade discounts of 30% and 20%. Credit terms were 2/15, n/40 and the sale was made f.o.b. shipping point. Georgia prepaid $1,000 of delivery costs for Alabama Corp. as an accommodation. On June 12, 2017, Georgia Corp. received from Alabama corp. a remittance in full payment amounting to
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