Merchandise subject to terms 1/10, n/30, fob shipping point, is sold on account to a customer for $18,000. the seller paid transportation costs of $1,000 and issued a credit memorandum for $5,000 for merchandise returned. what is the amount of the cash discount allowable?

$130

Explanation:

The amount of the cash discount allowable is $130.

This is calculated using the following formula:

cash discount allowable = ($18,000 - $5,000) x 1% = $13,000 x 1% = $130

The transportation costs ($1,000) are not included in this calculation.

c

explanation:

c because the item on a bank statement is also referred to as an account statement. in addition, it provides the beginning balance, ending balance, statement date, transaction date for each transaction, payee, customer name and address, statement period, the account holder's account number, and the bank's customer service number

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