Question

On December 5, Jenifer sold $3,000 worth of merchandise on account to Breach Mar with a 10 days term at 2% discount rate. The amount to be received by Jenifer on the due date is:

Answer 1

Answer:

$2,940

Explanation:

Data provided in the question:

Selling cost of the merchandise = $3,000

Discount rate = 2%

The amount of discount offered = Selling cost × Discount rate

or

The amount of discount offered = $3,000 × 0.02

or

The amount of discount offered = $60

Thus,

The total amount to be received = Selling cost - Discount offered

or

The total amount to be received = $3,000 - $60 = $2,940