##### Jackson purchased \$500 of goods and received credit terms of 2/10, n/30. How muc

label Accounting
account_circle Unassigned
schedule 1 Day
account_balance_wallet \$5

Jackson purchased \$500 of goods and received credit terms of 2/10, n/30. How much did he pay if payment was made during the discount period?

 A. \$450 B. \$510 C. \$500 D. \$490
Jun 3rd, 2015

B. 510.............................................................................................................................

Jun 3rd, 2015

how did u got 510

Jun 3rd, 2015

The solution for the answer is not 510. it is \$490

Jun 3rd, 2015

oh ok

Jun 3rd, 2015

Jun 3rd, 2015
Tyler returned \$500 worth of merchandise within the discount period. The entry to record the return is which of the following?

 A. Debit Purchases for \$500; credit Accounts Payable \$500 B. Debit Purchases for \$500; credit Purchases Returns and Allowances \$500 C. Debit Accounts Payable/Suppliers Name for \$500; credit Purchases Returns and Allowances for \$500 D. Debit to Accounts Payable for \$500, credit Purchases Discount for \$500

Jun 3rd, 2015

C) Debit Accounts Payable/Suppliers Name for \$500; credit Purchases Returns and Allowances for \$500

Purchase Return:
Purchase returns are recorded as shown below

Accounts Payable/Accounts Receivable—DR — Purchase Returns—CR —

Jun 3rd, 2015

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Jun 3rd, 2015
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Jun 3rd, 2015
Oct 21st, 2017
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