Michelin Jewellers Completed the Following Transactions

question 96

Multiple Choice

Michelin Jewellers completed the following transactions. Michelin Jewellers uses the perpetual inventory system. On 2 April, Michelin sold $9 900 of inventory, including GST, to a customer on credit with terms of 3/15, n/30. Michelin's cost of the inventory sold was $5 000, net of GST. On 4 April, the customer reported damaged goods and Michelin granted a $1 100 sales allowance, including GST. On 22 April, Michelin received payment from the customer. How much cash was received from the customer?

• A)$3 800
• B)$8 536
• C)$8 730
• D)$8 800

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Definitions:

Phenotype

The set of observable characteristics of an individual resulting from the interaction of its genotype with the environment.

DNA Synthesis

The natural or artificial creation of deoxyribonucleic acid molecules, a process crucial for replication and repair in living organisms.

Radiation

Energy that is emitted in the form of waves or particles, used in various fields including medicine and telecommunications.

Temperature

A measure of the internal energy contained in a substance, indicative of its thermal state.