If the purchase is paid within the discount period what is

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Reference no: EM13603228

1. When merchandise that was sold on account is returned, which accounts are affected?

a. Cash, accounts receivable, cost of goods sold, and sales returns

b. Sales returns, accounts receivable, merchandise inventory, and cost of goods sold

c. Sales returns, accounts receivable, purchases, and cost of goods sold

d. Sales returns, accounts receivable, purchases, and merchandise inventory

2. Merchandise is purchased for $5,000 with terms of 1/15, n/30 and $100 of transportation costs are incurred. If the purchase is paid within the discount period what is the total cost applied to this merchandise?

Reference no: EM13603228

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