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Based on the following information, what would be recorded as the purchase discount if the invoice is paid within the discount period?

1. $5,000 of merchandise inventory was ordered on April 2, 2007

2. $2,000 of this merchandise was received on April 5, 2007

3. On April 6, 2007, an invoice dated April 4, 2007, with terms of 2/10, net 30 for $2,150 which included a $150 prepaid freight cost, was received.

4. On April 10, 2007, $500 of the merchandise was returned to the seller.

a) $100

b) $30

c) 43

d) 33

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9411403

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