Moses Company Sells Merchandise on Account for $2,000 to Lane

question 141

Short Answer

Moses Company sells merchandise on account for $2,000 to Lane Company with credit terms of 2/10, n/30. Lane Company returns $300 of merchandise that was damaged, along with a check to settle the account within the discount period. What entry does Moses Company make upon receipt of the check?

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Definitions:

Herbal Remedies

Natural medicines made from plants, herbs, and their extracts, used traditionally to treat or alleviate various health conditions.

Drug Interaction

A situation in which a substance affects the activity of a drug when both are administered together, possibly increasing or decreasing the drug's effect.

Antidepressant Medication

Medications designed to mitigate depression symptoms by modifying neurotransmitter levels in the brain.

Chamomile

A herb known for its calming effects, often used in tea to relieve stress and aid sleep.