A credit sale of $1,400 is made on July 15, terms 2/10, net/30, on which a return of $100 is granted on July 18.What amount is received as payment in full on July 24?
A)$1,400
B)$1,274
C)$1,350

Question

Quizplus · Accepted Answer

The original sale is $1,400, with a $100 return, reducing it to $1,300. The payment is made within the discount period (10 days), so a 2% discount is applied: $1,300 - ($1,300 * 0.02) = $1,274.

A Credit Sale of $1,400 Is Made on July 15