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17 April, 15:58

Norfolk sporting goods purchases merchandise with a catalog list price of $30,000. the retailer receives a 30% trade discount and credit terms of 2/10, n/30. what amount should norfolk debit to the inventory account? $30,000 $29,400 $20,580

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  1. 17 April, 19:31
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    The answer is $20,580.

    $30,000 x 0.30=$9,000

    $30,000-$9,000=$21,000

    $21,000 x 0.02=$420

    $21,000-$420=$20580
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