a 35% trade discount from the seller 15) Acompany purchases merchandise with a catalog price...
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a 35% trade discount from the seller 15) Acompany purchases merchandise with a catalog price of $20,000. The company receives The seller also offers credit terms of 2/10, n/30. Assuming no returns were made and that payment period, what is the net cost of the merchandise? was made within the discount A) S12,740. B)$19,600. C) $13,720. D)S13,000. E)S6,860. 16) Closing entries are required: A) In order to satisfy the Internal Revenue Service guidelines. B) If management has decided to cease operating the business. C) If a company's bookkeeper does not choose to prepare reversing entries. D) Only if the company adheres to the accrual method of accounting. E) If the temporary accounts are to reflect correct amounts for each accounting period
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