Question

Tony's Market recorded the following events involving a recent purchase of merchandise: Received goods for $20,000, terms 2/10, n/30. Returned $400 of the shipment for credit. Paid $100 freight on the shipment. Paid the invoice within the discount period. As a result of these events, the company's merchandise inventory

Answer 1

Answer:

As a result of these events, the company's merchandise inventory is 19,308.

Explanation:

Received goods for $20,000, terms 2/10, n/30

Returned $400 of the shipment for credit

Paid $100 freight on the shipment

Paid the invoice within the discount period

As a result of these events, the company's merchandise inventory

Bought 20,000 - 400 returned = 19,600 - 2% disc = 19,208 Paid  + 100 Freight = 19,308 Total

Therefore, As a result of these events, the company's merchandise inventory is 19,308.