Geo company sold merchandise on account for $35,000 with terms 2/10, n/30. the cost of merchandise sold

1 answer
Question:

Geo company sold merchandise on account for $35,000 with terms 2/10, n/30. the cost of merchandise sold was $27,600. how will the journal entry be prepared to record the sale of merchandise?

Answers

The answer is: D) $34,300

Explanation:

The selling price was $35,000 with terms 2/10, n/30. This means that if the buyer pays their bill before the ten days period, they will get a 2% discount. If the buyer pays the bill after the ten days period but before thirty days, they will pay the full amount.

Since the buyer paid before the ten days period they will get a 2% discount. The total cash received by Banks Company was $35,000 x 98% = $34,300

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