Question
On June 15, Oakley Inc. sells inventory on account to Sunglass Hut (SH) for $8,500, terms 1/10, n/30. On June 20, SH returns to Oakley
On June 15, Oakley Inc. sells inventory on account to Sunglass Hut (SH) for $8,500, terms 1/10, n/30. On June 20, SH returns to Oakley inventory that SH had purchased for $1,800. On June 24, SH completely fulfills its obligation to Oakley by making a cash payment. What is the amount of cash paid by SH to Oakley?
Multiple Choice
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$6,633
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$6,615
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$8,500
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$6,700
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Financial Accounting Theory
Authors: Craig Deegan, H. Bierman
4th Edition
0071013148, 978-0071013147
