Question

. Jackson Company on July 15 sells merchandise on account to Lee Operations for $3,000, terms...

. Jackson Company on July 15 sells merchandise on account to Lee Operations for $3,000, terms 2/10, n/30.  On July 30, payment is received from Lee Operations for the balance due. What is the amount of cash received?

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Answer #1

Amount of cash received = $3,000

Reason:-

The discount would be 2% if received within 10 days. But the amount received is after 10 days. Therefore, no discount is given to the customer.

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