On June 1, 2014, Merchandise Subject to Terms 2/10, N/30

question 61

Essay

On June 1, 2014, merchandise subject to terms 2/10, n/30 was sold on account to a customer for $23,500. On June 3, the customer returned merchandise with a purchase price of $5,100.
a) What is the amount of cash collected by the seller if payment is made by the customer on June 8, 2014?
b) What is the amount of cash collected by the seller if payment is made by the customer on June 30, 2014?

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Definitions:

Participate

To take part or become involved in an activity or event.

Concentrating

The act of focusing one's attention or mental effort on a specific task or subject.

Stress-Management Techniques

Methods or strategies used to control an individual’s level of stress, usually for the purpose of improving everyday functioning.

Multitasking Stresses

The strain or tension experienced from attempting to perform multiple tasks simultaneously, which can reduce efficiency and increase errors.