Nash's Trading Post, LLC sells merchandise on account for $1200 to Morton Company with credit terms of 2/7, n/30. Morton Company returns $500 of merchandise that was damaged, along with a check to settle the account within the discount period. What entry does Nash's Trading Post, LLC make upon receipt of the check?
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Nash's Trading Post, LLC sells merchandise on account for $1200 to Morton Company with credit terms of 2/7, n/30. Morton Company returns ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
Pitcher Corporation purchased 60 percent of Softball Corporation's voting common stock on January 1, 20X1. On January 1, 20X5, Pitcher received $273,000 from Softball for a truck Pitcher had purchased on January 1, 20X2, for $353,000.
Answers (2)
What is Barriers to Entry? Patents are granted to inventors of a product or process for a certain number of years. The reason for this is to encourage innovation in the economy.
Answers (1)
Which of the following describes the management function that includes determining which tasks will be done, who will do them, how the tasks will be grouped, who will report to whom, and when decisions will be made?
Answers (1)
What were the main reasons grange decided to leave school in order to start his own team?
Answers (1)
When would you use the tukey-kramer procedure? a. to test for normality b. to test for homogeneity of variance c. to test independence of errors d. to test for differences in pairs of means?
Answers (1)
New Questions in Business
Which of the following transactions would be recorded if using the accrual basis of accounting but not if using the cash basis of accounting? A. Paying off loans B. Purchasing inventory on account C. Collecting customer payments D. Borrowing money
Answers (2)
Under ASC 606, the transaction price generally should be adjusted for the effect of the time value of money when A. A royalty contract with a distribution in which the consideration to be received depends on sales to end customers. B.
Answers (1)
ALT Inc. conducts periodic reviews of the distribution of pay and the favorable outcomes granted to employees, such as promotions and increased office space.
Answers (1)
If total liabilities increased by $6,000 and the assets increased by $8,000 during the accounting period, what is the change in the owner's equity amount? A. Decrease of $2,000 B. Decrease of $2,000 C. Increase of $10,000 D. Decrease of $10,000
Answers (1)
You are invited to go to the mall with a new group of friends from school. you don't know them that well, but are excited that they included you in their plans.
Answers (1)