On June 1, Year 1, Merchandise Subject to Terms 2/10

question 12

Essay

On June 1, Year 1, merchandise subject to terms 2/10, n/30 was sold on account to a customer for $26,500. On June 3, the customer returned $5,800 of that merchandise to the seller. This was prior to payment by the customer.What is the amount of cash collected by the seller if the payment is made by the customer on June 8, Year 1?What is the amount of cash collected by the seller if payment is made by the customer on June 21, Year 1?

---

Definitions:

Margin Error

A measure indicating the extent to which the data collected in a poll or survey may differ from the actual values within the entire population, showcasing the uncertainty associated with sampling.

Confidence Interval

A confidence interval is a range of values, derived from sample data, that is likely to contain the value of an unknown population parameter with a certain level of confidence.

Population Standard Deviation

A measure of the dispersion or variation of a set of values in a population, calculated as the square root of the variance.

Reaction Time

Reaction time is the duration between the onset of a stimulus and the initiation of a response, often measured to assess sensory and cognitive processes.