Question

A credit sale of $750 is made on June 13, terms 2/10, net/30. A return of $50 is granted on June 16. The amount received as payment in full on June 23 is:

(a) $700.
(b) $686.
(c) $685.
(d) $650.

Answer 1

The amount received as payment in full on June 23 is $685.

Step-by-step explanation:

To find the amount received as payment in full, we need to calculate the net amount due after considering the terms of the credit sale and the return granted.

1. Subtract the discount from the original amount to find the net amount due: $750 - (2% of $750) = $735
2. Subtract the return from the net amount due: $735 - $50 = $685

Therefore, the amount received as payment in full on June 23 is: (c) $685.