Jones Company on June 15 sells merchandise on account to Bullock Co. for ($ 1,000) terms 2/10,

Question:

Jones Company on June 15 sells merchandise on account to Bullock Co. for $\$ 1,000$ terms 2/10, $\mathrm{n} / 30$. On June 20, Bullock Co. returns merchandise worth $\$ 300$ to Jones Company. On June 24, payment is received from Bullock Co. for the balance due. What is the amount of cash received?

a. $\$ 700$.

b. $\$ 680$.

c. $\$ 686$.

d. None of the above.

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Rashul Chutani

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