QUESTION 7 Larson Company on July 15 sells merchandise on account to Stuart Co. for $1,000, terms 2/10, n/30. On July 20 Stuart Co. returns merchandise worth $400 to Larson Company. On July 24 payment is received from Stuart Co. for the balance due. What is the amount of cash received? A. $600 I B. $588 C. $580 D. $1,000 QUESTIONS On February 1, 2008, Cogwell Company sells merchandise on account to Livingston Company for $5,000. The entry to record thi transaction by Cogwell Company is Sales 5,000 Accounts Payable.. 5,000 . OA